Wed. Jun 7th, 2023

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Dollar rises on coronavirus unease

1 min read
Emerging markets

The U.S. dollar rose against major currencies on Wednesday, supported by positive U.S. economic data and concerns about a second wave of coronavirus infections in Europe and Britain.

Both the Australian and New Zealand dollars were undermined by a dovish slant on policy by their respective central banks.

The Aussie hit a six-week low on growing expectations the Reserve Bank of Australia may cut interest rates next month.

The kiwi dollar edged lower in choppy trade after the country’s central bank kept monetary policy unchanged but hinted at further easing to help the economy.

The dollar edged up to $1.1675 per euro on Wednesday, which is the highest since July 27.

The pound bought $1.2721, near the lowest since late July, after British Prime Minister Boris Johnson unveiled on Tuesday new restrictions on business activity to tackle a second wave of the coronavirus.

The dollar rose to 0.9218 Swiss Franc adding to a 0.6% gain from Tuesday.

The U.S. currency rose to 105.98 yen.

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