Dollar Higher Over Asian Covid-19 Upsurge Concerns

Dollar Higher Over Asian Covid-19 Upsurge Concerns

The Dollar elevated on Monday morning in Asia amid distresses caused by fresh COVID-19 cases in some Asian Countries. Notwithstanding, investors are densely positioning for a drop in the U.S. currency as the U.S. Federal Reserve holds to its current dovish policy.

The U.S. dollar index traces the greenback against a basket of other currencies slightly up 0.06% to 90.373.
The USD/JPY pair slightly up 0.01% to 109.336.
The AUD/USD pair was declined 0.24% to 0.7753, with the reserve bank of Australia due to release the minutes from its latest meeting on Tuesday.

The NZD/USD pair declined 0.52% to 0.7216.

The USD/CNY pair Slightly up 0.03% to 6.4384.
Chinese industrial production growth decreased to 9.8% yearly in April, as per the data released earlier in the day.

The GBP/USD pair slightly down 0.04% to 1.4090.
However, the pound was almost a two-and-a-half-month high as the U.K. reopens its economy after a four-month lockdown.

The U.S. currency was supported by facilitating commodity prices and the COVID-19 outbreaks in Singapore and Taiwan with both countries hardening restrictive measures.
Singaporean primary, secondary, junior college, and Millennia Institute students shifted to full home-based learning from May 19 till the end of the school term on May 28.

However, a rebound from surprisingly good U.S. inflation data released during the earlier week dissolved over uprising investor hopes that the Fed will keep investment rates low.