Starting trading at the beginning of 2021, the US dollar continued to depreciate after closing December 2020 trading with a weak performance.
Economic recovery factors in the United States (US) as well as around the world after vaccine distribution put pressure on the safe-haven USD while giving room for other major currencies to rise.
The Wall Street market recorded an increase also added to the pressure on the US dollar. The Dow Jones Index and the S&P 500 closed to record highs.
Investors are cautious ahead of the US NFP employment data report over the weekend as well as the minutes of the FOMC meeting which is expected to have a major impact on US dollar trading.
The world is still facing a pandemic crisis and movement restriction measures continue to be intensified, especially in Europe. Since December, the rough estimate of vaccine doses has been around 12 million doses according to Bloomberg.
The number of cases of infection worldwide has surpassed 85 million while the death toll at 1.85 million.
If cases of infection and death worsen over vaccine distribution, the US dollar has the potential to strengthen.
European currencies such as the Pound and the Euro showed an upside against the US dollar although the Euro closed last week slightly lower after the gains.
The Australian and New Zealand dollar commodities also showed a similar pattern of movement, rising again for the start of trading this year after closing last week trading slightly lower likely to be a profit-taking factor.
The development of cryptocurrencies brought joy especially to Bitcoin investors as Satoshi Nakamoto's assets continued to soar to record an all-time high above the $ 30,000 level.
