Dollar firms as investors weigh risks

Dollar firms as investors weigh risks

The dollar firmed on Tuesday as risks from rising coronavirus infections compensated for strong economic data and capped confidence on economic recovery.

The dollar steadied on most majors, while the dollar index held on a near two-week low. 

The Aussie fell from a one-month high as Melbourne imposed six-week stay-at-home restrictions due to rising cases. The Aussie was steady despite the Australian central bank’s decision to keep interest rate at a record low of 0.25%.

Since April, the commodity currency Aussie rose 14%, while the kiwi gained 10%. The Norwegian krone climbed 11% and the Swedish krona 8%.

On Tuesday, the kiwi steadied at $0.6554 after being range-bound for a month.

The yuan stood at 6.9965 on the dollar, while the euro sat below a two-week high of $1.1311. 

The pound steadied at $1.2505 and the yen fell to 107.36 against the dollar.

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