The US dollar rose sharply at the start of the European session, as investors started trading this week in a cautious manner following the turmoil in the stock market.
The dollar index, which measures the strength of the greenback dollar against a basket of major currencies, strengthened at 90.75 after soaring higher as the market entered the European session.
The US dollar has garnered support from investors who are wary of retail investors who are likely to continue their attacks on hedge fund companies, and trigger more volatility in the market.
The rise in the greenback has pushed the euro to falter and resumed trading below the 1.21000 price level.
Meanwhile, the Aussie dollar weakened slightly as market focus now focused on the Reserve Bank of Australia (RBA) policy meeting on Tuesday which is expected to remain with the interest rate unchanged at 0.10%.
The pound, on the other hand, is seen trying to break the recent highs again with strong trading around the price level of 1.37300 against the US dollar, driven by the widespread vaccine launch will boost the growth prospects of the UK economy.
On the other hand, the Canadian dollar traded slightly changed as crude oil prices continued to rise after falling low at the start of trading today.
