LONDON, July 19 — Currencies such as the Australian dollar, the Canadian dollar, Norway’s crown and Britain’s pound took a beating today, catapulting the US dollar to its highest in three months as a worldwide surge in coronavirus cases hit sentiment in global markets.
Earlier this week, British health minister Sajid Javid announced he had tested positive for Covid-19 and was in self-isolation, also forcing Prime Minister Boris Johnson and finance minister Rishi Sunak into quarantine. Sterling hit a 3-month low against the dollar of US$1.3703. “We’re starting to see the FX markets catch-up to bond markets, and more recently equity markets, in terms of fading reflation bets,” said Viraj Patel, FX and global macro strategist at Vanda Research.
The Canadian dollar, which dropped through its 200-day moving average in Asian trade, fell past C$1.27 against its US counterpart to C$1.2780, its lowest since Feb. 8. It was down 1.2 per cent on the day.
Source: Financial Digest (financialdigest.net)
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