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USD Rises as Demand for Safe Havens Increases

M. Ali 27 October, 2020 1:17 am Forex Market, Market Update

The US Dollar rose on Monday amid an increased demand for safe havens, which is due to a surge in new COVID-19 cases.

In addition, stalling talks for a new stimulus package in the United States further advanced demand, which helped the USD maintains its rising trend that started at the end of last week.

The Dollar Index (DXY), which measures the performance of the USD against a basket of six major currencies, is up by 0.34% at 93.08, close to its daily high of 93.11, while its lowest level today was at 92.74, considering that it closed last week at 92.

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