The dollar stood tall today, recouping losses against the yen and hitting new highs against riskier currencies, as nervous traders stuck with the most liquid currency amid very fragile sentiment.

Market liquidity was tight and investors remained nervous after coordinated moves by central banks had spectacularly failed to quell trepidation over the coronavirus pandemic.

“The dollar can hold onto its gains as markets understandably remain very fragile, but when the dust settles, we think the dollar will end up a little lower,” ING analysts said, while adding that the best level for the dollar index would be between 99 and 100.

The U.S. dollar index rose 0.3% to 98.444, close to its recent high of 98.817.

The dollar rose 0.8% to 106.69 yen and gained on the euro, pound, as well as the Australian and New Zealand counterparts and most emerging markets’ currencies.

The euro dropped 0.5% to $1.1130 while sterling sank to its weakest since September, down as much as 0.6% at $1.2192

Sterling dropped to its lowest level against the U.S. dollar since early September, as Britain toughened its approach to containing the coronavirus outbreak.

The pound fell as much as 0.6% to $1.2192. Against the euro it edged up 0.2% to 91.06 pence per euro, but was still trading near the previous day’s six-month low of 89.89 pence.