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Dollar Up Amid Rising COVID-19 Fears and Fed Warning


8 July 2020

The dollar was up on Wednesday morning in Asia, with investors turning to the safe-haven asset amid continuously-rising number of COVID-19 cases.

Investor sentiment was further dampened over a warning from several U.S. Federal Reserve officials that the rising number of cases could jeopardize economic recovery, with some stimulus programs from central banks due to expire soon.

“The mood changes day by day, but the dollar looks to be supported for now as investors turn more cautious about the virus,” Yukio Ishizuki, foreign exchange strategist at Daiwa Securities, told Reuters. “The Fed’s comments on the economy sound sombre. There’s reason to worry because it is hard to see when the virus will be brought under control.”

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.06% to 96.895 by 12:09 AM ET (5:09 AM GMT). The USD/JPY pair was up 0.09% to 107.60.

But investor skepticism remained alongside the risk that the deal will not materialize.

#source

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