Sat, March 02, 2024

U.S. dollar fluctuated while Yen and Swiss Franc gained

U.S. dollar fluctuated while Yen and Swiss Franc gained

The U.S. dollar wavered on a rise on Monday. However, riskier currencies edged up as investor sentiment swung between hopes for global economic recovery and concerns that a fresh wave of coronavirus cases could undermine the reopening of businesses.

The greenback tumbled down by 0.2% to 97.303 against a basket of currencies, retreating from a one-week high hit on Friday. On the other hand, the Australian and New Zealand dollars jumped by about 0.2%, nearing the middle of recent ranges.

Texas and Florida ordered some bars to close, and California followed their example on Sunday, as cases soar to record levels in the country. Washington state and the city of San Francisco have also paused reopening plans.

However, in other regions, including New York State, Europe, and Asia, re-openings continue, with data illustrating a swift rebound.

The aussie and kiwi are nearing monthly gains of around 3%. They made most of that ground in the early days of June, but have tracked sideways since then.

The Australian dollar has gained almost 25% from a more than 17-year low hit in March. It traded higher by 0.2% at $0.6877 on Monday. Meanwhile, the New Zealand dollar increased by the same margin to $0.6431.

Even though risk-off currencies soar, at the same time, safe-havens are rising, pointing to heightened caution. Still, the thirst for the greenback has eased off as the Fed has flooded markets with liquidity.

It seems the Japanese yen and Swiss franc are set for their best months against the dollar this year. They gained 0.6% and 1.5% respectively, both rising a little on Monday.

What about the Euro and the Sterling?

In Europe, the sterling surged forward by 0.3% from the month-low on Friday. Traders feared about whether Britain can settle a post-Brexit trade pact with the European Union. A new round of talks is due to begin this week.

The Euro climbed up by 0.2% to $1.1239 in Asia on Monday. The currency will likely wrap up its best two months against the U.S. dollar in a year and a half. The hopes for a united EU response to the coronavirus and a fast regional recovery propelled the Euro ahead about 2.5% since the beginning of May.

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