Early on Monday, the US dollar is trading strong against other major currencies amid a lack of volatility in the Asian session as some markets remain closed due to the Chinese New Year. At the time of writing, the US dollar index is trading slightly bullish around 97.87.
The US dollar remains in favor as a safe haven currency among traders around the world amid rising concerns regarding the coronavirus outbreak and its potential impact on economic growth in China and other economies. The worries stay in focus even as China reports more number of cases and death and introduces more lockdown measures in an attempt to contain the outbreak.
Meanwhile, more number of cases are also being reported from other countries around the world, turning off the risk appetite in global markets and sending investors away from equities and into safer instruments like the US dollar. The dollar also enjoys support amid worries of continued weakness in Europe, keeping the Euro under pressure, even as the US economy shows signs of moderate growth.