US dollar gains amid coronavirus worries

The US dollar strengthened as traders sought safe haven amid concerns over soaring coronavirus infections. The dollar index, which measures the greenback against six major peers, was up 0.15 per cent at 96.8744.

In late New York trading on Tuesday, the euro decreased to $1.1285 from $1.1314 in the previous session, and the British pound rose to $1.2556 from $1.2498 in the previous session. The Australian dollar fell to $0.6958 from $0.6975, Xinhua reported.

The US dollar bought 107.51 Japanese yen, higher than 107.28 Japanese yen of the previous session. The US dollar rose to 0.9420 Swiss franc from 0.9413 Swiss franc, and it rose to 1.3593 Canadian dollars from 1.3541 Canadian dollars.

The US currency, viewed as a safe haven, gained as investors grew nervous of surging coronavirus cases and lockdown in some countries, experts noted.

“We remain of the view that the effects of the crisis will put pressure on the economy for some time to come and that following the initial countermove further progress will be slow,” Antje Praefcke, analyst at Commerzbank Research, said in a note on Tuesday.