Investors Seek Safety in the Us Dollar Amid New Covid Restrictions in Asia
[[USD-sponsored]]
The US dollar (USD) managed to improve just slightly while Asian markets take a hit. The dollar continues to steady as new coronavirus restrictions were released for much of Asia.
[[USD-graph]]
Economic data out of China was a mixed bag, showing a lower than expected retail sales increase of 17.7% and a 9.8% increase in economic output. The latter figure was around the expected mark for the country.
Countries like Taiwan have seen massive spikes in Covid infections, leading to a market drop in affected areas. The Taiwan market closed at 15,353.89 for Monday.
Singapore dropped as well, echoing other Asian companies where new Covid restrictions in the face of increased domestic cases has caused a number of economies to slow down. Of course, new restrictions mean a slower economic recovery moving forward and decreased economic output for at least the short term.
The U.S. dollar is currently selling at $1.00 to 6.44 Chinese yuan (CNY), and USD/JPY is on a bearish trend, hitting 109.147.
The U.S. dollar is struggling against the euro and the Canadian dollar, though. As the Canadian economy continues to improve and ramp up its output faster than the US economy, USD/CAD turning at 1.21. This currency pair has been going back and forth around this point for the past few weeks, with analysts expecting the Canadian dollar to continue its rise and the US dollar to worsen as the year goes on.
EUR/USD is trending bearish at 1.21482.
[[USD-sponsored]]
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals