Dollar near year-to-date highs amid coronavirus fears

UNITED STATES, WASHINGTON (EDUFINTECH) – The dollar is trading near year-to-date peaks on Wednesday amid fears of a sharp rise in coronavirus cases and expectations of higher interest rates. Investors are waiting for the meeting of the European Central Bank.

The euro was down 0.15% to $ 1.1761 by 09:30 GMT, close to the year-to-date low of $ 1.1704. The single European currency hit its lowest since April on Tuesday.

“The monetary policy of the ECB is now expected to remain super-soft for even longer, which is a deterrent for the euro ,” said Kim Mundy of the Commonwealth Bank of Australia.

Canadian, Australian and New Zealand dollars came under pressure.

The Canadian dollar lost 0.39% against the US dollar to hit $ 1.2726. The Aussie was down 0.48% to $ 0.7294, while the New Zealand dollar was down 0.29% to $ 0.6896.

The dollar index against a basket of six major currencies rose 0.15% to 93.109.

The pound sterling slipped 0.21% to $ 1.3598.

Cryptocurrencies have recovered some of their losses on Tuesday. Bitcoin rose 3.39% to $ 30,796.32, while Ethereum climbed 4.56% to $ 1,867.95.

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