Home Business dollar strength After Euro Drops as Number of COVID-19 Rises By Investing.com

dollar strength After Euro Drops as Number of COVID-19 Rises By Investing.com

by news dir
© Reuters

by Gina Lee

Investing.com – The dollar rose Monday morning in Asia. It remains near a 16-month high against the euro. Concerns about the growing number of COVID-19 cases in Europe have also prompted investors to turn to safer US currencies.

The dollar, which traded against other currencies, was up 0.15% to 96.175 by 10:37 AM ET (3:37 AM GMT), still near a 16-month high of 96.266 last week. Page rose 0.17% to 114.18 yen per dollar.

It rose 0.10% to 0.7242 while down 0.31% to 0.6988. Policy decisions will be delivered on Wednesday.

It was down 0.03% to 6.3845 and the pair was down 0.15% to 1.3432 pounds per dollar.

Positive comments from Federal Reserve officials also helped support the US currency, Fed Vice President Richard Clarida and Federal Reserve Governor Christopher Waller. The US pointed out that a faster QE cut may be appropriate given the rapid economic recovery and higher inflation. This could mean a faster rate hike than previously expected.

The euro was down 0.23% to $1.1274. Pepperstone research head Chris Weston said: “EUR-USD is in a downtrend. and likely to be attracted by rising tensions across Europe over lockdowns.”

“Short-term the euro remains attractive to trend-followers. and strategic traders.”

Number of COVID-19 patients The rise has prompted Austria to begin lockdown, which will begin on Monday, German Health Minister Jens Spahn. Call the situation in this country a national emergency. He added that vaccination alone did not reduce the number of cases.

The Australian dollar slipped as low as $0.72285, near the October 6 low. “We expect the Australian dollar to remain strong in the near term. and may fall to $0.70” with the slowdown in economic recovery in China. and the easing policy stance of the Reserve Bank of Australia Joseph Capeso, Commonwealth Bank of Australia (OTC) strategist 🙂 said in a report.

meanwhile “The U.S. dollar may rise this week and hit new highs in 2021 … Another round of strong U.S. inflation could drive market pricing of the Fed’s rate hikes,” he added.

pressured by the dollar to weaken Today it is back at 32.835 baht per US dollar.

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