The dollar was up on Monday morning in Asia, remaining near its highest levels in months. Investors turned to the safe-haven U.S. currency as COVID-19 cases continue to increase globally, in turn prompting concerns about the global economic recovery. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.02% to 92.707.
The riskier Australian dollar fell to its lowest level against its U.S. counterpart since 2021 as the Asia session got underway while hitting a five-month low against the safe-haven Japanese yen. Countries such as Australia and South Korea reimposed restrictive measures to curb their latest outbreaks, while the first cases were reported in the Olympic village in Japan ahead of the start of the Tokyo Olympic Games in Jul. 23. The global seven-day average of daily new COVID-19 cases is over half a million for the first time since May 2021.
“The market is really trading on the uncertainty in the air around COVID-19,” National Australia Bank (OTC: NABZY) senior currency strategist Rodrigo Catril said on the bank’s morning podcast. “That is the dominant factor,” he added while adding a surprise fall in U.S consumer sentiment had also unsettled investors. With no significant economic data due until the release of the U.S., manufacturing, and services purchasing managers’ indexes on Friday, COVID-19 will likely remain a focus for investors until then.
NZD/USD Long (Buy) Enter at: 0.69750 T.P: 0.70041 S.L: 0.69480
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