Tuesday, 07 July 2020
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Dollar Slips as Investors Focus on Recovery Outlook

The dollar slipped on Monday as investors looked past unrest in the United States to the global economic recovery from the coronavirus and hoped for an easing in Sino-U.S. tensions.

The risk-sensitive Australian dollar shrugged off early pressure and gained 0.4% to hit a three-month high of $0.6703.

The euro was firm and sterling tested a three-week high. The kiwi and the oil sensitive Canadian dollar and Norwegian krone all rose about 0.3%, even as oil prices eased.

Data on Sunday painted a mixed picture of China's recovery, with momentum gaining in the construction and services sector even as factory activity growth slowed a touch.

Against a basket of currencies the dollar had its worst month this year in May and was under pressure on Monday, dipping by a fraction to 98.166.

The Chinese yuan , which had firmed sharply on Friday, was steady near where it left off at 7.1367 per dollar.

The euro held steady at $1.1118, just below a two-month high of $1.1145 hit on Friday as investors drew confidence from the European Union's plans for a coronavirus recovery fund.

The pound rose 0.3% to $1.2379, close to a three-week peak hit on Friday, as Britain moves out of lockdown.

Source : Reuters

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