Dollar hits six-week highs


Shafaq News / The dollar rose on Tuesday to six-week highs, extending gains from the previous session, as markets turned risk-averse over a surge of virus cases and new lockdown measures in Europe.

Stocks sold off on Monday and the currency market saw “risk-off” moves, with the dollar index climbing to its highest in six-weeks.

Although European equities opened higher on Tuesday, the dollar continued its ascent and riskier currencies fell, as new lockdown measures to combat a second wave of COVID-19 infections pose a threat to the global economic recovery.

The dollar index was up 0.3% at 93.848 at 07:39 GMT, reaching six-week highs in early London trading.

Riskier currencies extended their losses, with the Australian dollar falling 0.5% to 0.7185, a one-month low. The New Zealand dollar dropped 0.4% to 0.6643 per U.S. dollar.

The euro was down 0.4% against the dollar at $1.17235.

The Swedish and Norwegian crowns also fell, reaching a two-month low of 9.3615 against the dollar at 0725 GMT and also weakening against the euro.

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