Dollar Rising Against Riskier Currencies as Hopes For US Stimulus Fade

The dollar rose on Monday, as Traders proceeded to be cautious due to the increasing cases of Coronavirus in Europe and the United States, as well as the lack of progress in the US economic stimulus package.

US House of Representatives Speaker Nancy Pelosi said on Sunday that she expected a response from the White House to the latest stimulus plans by Monday, but there were few indications of an imminent deal.

The United States recorded its largest number of new Covid-19 cases for two consecutive days, and so did France. Spain declared a state of emergency again and ordered Italy to close restaurants and bars by 6 pm.

Media reports said that the Oxford / AstraZeneca vaccine had proven successful with the elderly and that staff at a large British hospital had been instructed to prepare for a vaccine, possibly by next month, but that did not support morale.

The dollar index rose 0.2% to 92.95. The euro fell 0.3% to $ 1.1831.

The dollar rose 0.1% to 104.87 Japanese yen.

The biggest losses in the major currencies were the Norwegian krone and the Australian dollar, which enjoyed big gains last week when traders were more accepting of the risk.

The Australian dollar fell 0.3% to $ 0.7118. The Norwegian currency fell 0.9% to 9.3015 for a dollar and lost 0.7% against the euro to 11.0050 after falling earlier to its lowest price in three weeks at 11.0190.

The pound sterling fell in early trade, falling 0.3% to $ 1.2995, but stabilizing against the euro at 91 pence.

The Chinese yuan fell 0.4% to 6.6907 yuan per dollar in the foreign market as the Chinese government worked hard on its new five-year plan.