Friday, 25 Sep 2020 11:14 PM MYT
Coronavirus cases have surged in Europe this week, prompting lockdown measures in Britain. European Union health officials warned of a “twindemic” of both Covid-19 and flu, urging governments not to let their guard down. “The dollar is doing well under risk-aversion conditions and lower asset prices – not to the same extent that we saw in March/April but certainly enough to take notice,” said Neil Jones, senior director and head of FX sales at Mizuho.Jones said the mechanics behind the dollar strength could be due to a combination of short covering, as traders quite short-dollar, long-euro positions, and investors selling assets and putting the proceeds into a US dollar account.
Although investors remain cautious over the upcoming US elections, the dollar demand is not expected to reach the same extent as that in March.
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