The dollar found some traction on Tuesday, as risks from rising coronavirus cases offset strong economic data and kept a lid on confidence in an economic recovery from the COVID-19 pandemic.
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration
The Aussie was unmoved after Australia’s central bank held the country’s benchmark interest rate at a record low 0.25%, as expected, and said it would maintain its accommodative approach for as long as required. The daily case count makes grave reading, but deaths have not jumped, said Chris Weston, head of research at Melbourne brokerage Pepperstone, who is more closely watching the bond market where stubbornly low yields are driving cash elsewhere.
Since April, that has been commodity currencies led among the G10 by the Aussie. It has gained 14%, the Norwegian krone 11%, the kiwi 10% and the Swedish krona 8%. “The worst is likely over, but a swift and steady recovery cannot be taken as the base case,” said Terence Wu, a strategist at Singapore’s OCBC Bank, in an outlook note expecting dollar weakness to persist, but with risks if lockdowns resumed.Monday’s surge in sentiment came after a front-page editorial in the China Securities Journal, affiliated with state-run Xinhua, said fundamentals laid the foundation for a “healthy bull market”.
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