Dollar Up as Investors Fear Second-Wave Outbreak in U.S.
The dollar was up on Friday, with the U.S. reporting more than 2 million COVID-19 cases as of June 12 and triggering renewed fears of a second wave of cases.
Investors were also spooked by the possibility of renewed lockdowns to curb the spread.
The market was still digesting a grim picture of the U.S. economic recovery painted by the U.S. Federal Reserve after it concluded its policy meeting on Wednesday.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.11% to 96.850, with investors turning to the safe-haven asset with as stocks tumbled.
But some investors suggested that factors other than the Fed’s grim analysis contributed to stocks’ losses from its recent rally.
There are almost 7.5 cases worldwide according to Johns Hopkins University data.
The USD/JPY pair was up 0.13% to 106.98, reversing its earlier losses.
The AUD/USD pair slid 0.36% to 0.6829 and the NZD/USD pair was down 0.31% to 0.6410.
The USD/CNY pair was up 0.31 % to 7.0856 and the GBP/USD pair was down 0.28% to 1.2565.