Dollar Reaching 6-week high as Traders Staying Away From Riskier Currencies

The dollar rose on Tuesday, September 22, to a peak of six weeks, extending its gains from the previous session, as markets turn away from risk due to the increase in coronavirus cases and new isolation measures in Europe.

Stocks fell on Monday as the currency market witnessed risk aversion as the dollar index rose to its highest level in six weeks.

European stocks opened higher today, while the US dollar continued to rise, while riskier currencies fell, while new lockdown measures to combat a second wave of Covid-19 infections represent a threat to the global economic recovery.

The dollar index rose 0.3% to 93.848 reaching its highest level in six weeks in early trade in London.

Substantial losses continued, with the Australian dollar losing 0.5% to 0.7185, its lowest level in a month.

The New Zealand dollar fell 0.4% to 0.6643 against the US dollar.

The Euro fell 0.4% against the dollar, at $ 1.17235.

Both the Swedish and Norwegian krone fell, and recorded their lowest level in two months at 9.3615 against the dollar by 0725 GMT, and weakened against the euro.