Dollar is rising as investors seek safe haven
US, WASHINGTON (ORDO NEWS) — The week-long dollar losses stopped and the safe haven yen received support on Monday as isolation measures escalated around the world as investors expected uncertainty to persist for a long time.
After the worst week since 2009, the US dollar rose against the British pound, the euro, and the New Zealand and Australian dollars in a cautious Asian session.
Sterling lost 0.8 percent to 1.2357 dollars, the Australian dollar fell 0.5 percent to 0.6134 dollars, and the euro fell by the same percentage to 1.1077 dollars.
Against a basket of currencies, the dollar rose 0.5 percent to 98.831.
The Japanese currency held steady at 108.2 yen against the dollar.
The dollar and yen rose against emerging market currencies after the weekend brought more bad news about the Corona virus.
Anthony Fawcci, director of the National Institute of Allergy and Infectious Diseases, estimated the number of pandemic deaths in the United States could be between 100 and 200,000 if efforts to contain the virus were not successful.
The Chinese yuan also fell 0.3 percent in foreign transactions to 7.1062 after the People’s Bank of China suddenly cut the main interest rate for inter-bank transactions by 20 basis points.
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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.