Dollar gains traction as investor analyse lockdown risks
August 10, 2020
Finance

Dollar gains traction as investors analyse lockdown risks

SINGAPORE CITY (SINGAPORE) – Amid the risk from spiralling infections offsetting strong economic data and draining confidence of an economic recovery, the US dollar gained traction on Tuesday.

After a slide on Monday, the dollar remained steady on most majors. It maintained a two-week low against a basket of currencies.

After Australia’s second-most populous state declared six-weeks of weeks of stay-at-home curbs and a lockdown for Melbourne to stem the rising tide of coronavirus infections, the Australian dollar went down from a one-month high.

On the other hand, the Chinese yuan picked up where it left off after rising with Chinese equities on Monday. However, it pulled back from an offshore top of 6.9965 per dollar.

After touching a two-week high on Monday, the euro sat at $1.1311 and the pound held steady at $1.2505. The yen was flat at 107.36 per dollar.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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