The US dollar continued to strengthen on Monday following an increase in demand for safe-haven amid rising Covid-19 positive cases in Europe and the United States as well as a lack of progress in the US stimulus package.
The United States recorded the highest number of COVID-19 cases for two consecutive days and so did France. Spain has taken drastic action by announcing an emergency and Italy has ordered that restaurants and bars be closed at 6 p.m.
On the issue of stimulus packages, U.S. House peakers Nancy Pelosi said on Sunday that she expects a response from the White House today. He added that progress and agreement could be achieved in the near future.
Market analyst Joe Manimbo argues that investors are more likely to opt for the greenback where Covid-19 cases are rising and so are doubts over stimulus package negotiations ahead of the election.
The US dollar index strengthened 0.35% at the exchange rate of 93.088 against major currencies as of 11.15 p.m.
