USD rises on fears over COVID-19 second wave

Exchange Rates 11.06.2020 analysis

Although the restrictive measures introduced to contain the coronavirus spread are being lifted in the US and other countries worldwide, the infection rate has recently risen again. In just 24 hours, 2, 504 new cases of infection have been reported. It is the highest rate since the beginning of the pandemic. The total number of people suffering from COVID-19 in the United States has reached 2 million.

Nevertheless, the euro fell against the US dollar by 0.19% to $1.1352.

The American currency dropped against the yen by 0.03% to 107.10 compared to 107.12 in the previous session.

The pound retreated against the US dollar by 0.6% to $1.2682, while the Australian dollar fell by almost 1% to $0.6928.

The US dollar was up by 0.44% against other currencies during the trade on Thursday, according to the ICE index, which tracks the dynamics of the US dollar. However, the market situation is extremely unstable and uncertain due to the coronavirus outbreak. Therefore, the Fed announced that the interest rate will remain unchanged at the current level of 0-0.25% until the end of 2022.

Source: USD rises on fears over COVID-19 second wave

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