The dollar ended its third week of losses on Friday as investors bought into risk-sensitive currencies on bets that the worst of the pandemic’s sweeping impact was over. — Reuters pic
The index that measures the safe-haven dollar against a basket of six other major currencies pared early losses to end the session just 0.07 per cent lower at 96.538. But yesterday afternoon, California Governor Gavin Newsom ordered a massive retrenchment of the state’s optimistic reopening, shutting bars and banning indoor restaurant dining statewide and closing churches, gyms and hair salons in hardest-hit counties.
While Refinitiv data suggests second-quarter results will show the second-biggest quarterly drop in corporate earnings since 1968, investors maintain some degree of confidence in the US consumer.
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