USD Maintains Losses with Rising Safe Haven Demand

The US Dollar (USD) is trading lower against major currencies on Friday, with the market seeing rising demand for safe havens, in light of the escalating tensions between the US and China and the rising number of COVID-19 cases across many countries.

The demand for safe haven, evident by gold surging to a new historic high, led the Japanese Yen (JPY) to rise noticeably against the USD, with the USD/JPY trading lower for the day by 0.84%.

Similarly, the Swiss Franc (CHF) rose against the USD by 0.33%.

Meanwhile, the Euro kept its strong performance against the USD, with the EUR/USD gaining 0.45% on the back of positive PMI reading in Germany, France, and the Eurozone.

Although the PMI data were also positive for the US and the UK, the British Pound is rising against the Dollar, with the GBP/USD trading at ‪1.2785, up by 0.38%.

As for the commodities currencies, a relatively positive performance by oil prices provided support against the USD.

The dollar index (DXY) is down for the day by 0.32% at 94.39.