Forex Today: Safe havens in demand on China COVID woes

It was a volatile start to the week and the US sessions stayed with the theme. The US Dollar edged up to 106.74 on Monday, slightly recovering from a 3-1/2-month low of 105.32 with investors concerned about a global slowing economy and the spread of coronavirus in China.

"I do think we're going to need to keep the restrictive policy in place for some time; I would expect that to continue through at least next year," Williams said at a virtual event held by the Economic Club of New York, adding that he does not expect a recession. Meanwhile, risk-off markets weighed on high beta currencies such as the pound, AUD and euro. ''The lockdowns may make it challenging for China to achieve its forecast economic growth which will also have implications for global economic growth,'' analysts at ANZ Bank said in a note at the start of Tuesday's trade in Asia.

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