The euro continued to fail to find support from Emmanuel Macron’s victory in the presidential election which saw the currency plunge lower at the opening of the European session.
The euro, which initially opened higher in the previous session, slipped about 0.7% to touch a recent low of 1.0710 against the US dollar.
The US dollar continued to rise higher at the start of the European session, with growing confidence for a more aggressive interest rate hike from the Federal Reserve (Fed).
In addition, it also received a boost as a safe-haven after the latest closure measures were implemented in Chaoyang, the largest area in Beijing that is now threatened by the Covid-19 outbreak after Shanghai.
In support of the safe-haven, the yen also benefited from these concerns, showing it rising against other major currencies and remaining stable despite the US dollar surging higher.
The price of gold, on the other hand, showed a decline to a three -week low.
The pound also slipped to its latest low since September 2020, bringing it to trade weaker at around 1.2750 against the greenback.
On the other hand, the Aussie and New Zealand dollars also fell more sharply following the new Covid-19 threat in Beijing, besides also seeing coal and iron ore trade plunge 5% and 9% respectively.
The Canadian dollar was gloomy at a near -month low, as well as being squeezed by a decline in world crude oil trade following negative sentiment in China.
