Tue. Oct 4th, 2022

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Dollar continues to be higher

1 min read
Dollar bills

The dollar extended gains against most currencies on Thursday as signs of economic slowdown in Europe and the United States renewed concern about a second wave of coronavirus infections.

The euro, which has already taken a hit due to worries about a return to severe lockdown restrictions, faces an additional hurdle later on Thursday with the release of data on German business sentiment.

The dollar is likely to continue to rise as another spike in coronavirus cases and the Federal Reserve’s warnings that the U.S. economy needs more fiscal stimulus cause investors to repatriate funds from riskier assets.

The dollar traded at $1.1658 per euro on Thursday in Asia, just shy of a two-month low high reached on Wednesday.

The pound bought $1.2714, near its weakest level since late July.

The dollar was quoted at 0.9240 Swiss franc, which is near a nine-week high.

The U.S. currency bought 105.40 yen, holding onto a 0.4% gain from the previous session.

The dollar has rallied this week as rising coronavirus infections in Europe and Britain undermined investor optimism about vaccine progress.

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