U.S. Dollar Rises as COVID-19 Fatalities Drop By Investing.com


© Reuters.

By Gina Lee

Investing.com – The U.S. dollar inched up in Asia on Monday as cities hard hit by the COVID-19 virus reported a decline in fatalities over the weekend.

But Friday’s report of a 701,000 reduction in U.S. non-farm payrolls put a damper on investor expectations as the economic damage from pandemic-induced lockdowns becomes apparent.

The  that tracks the greenback against a basket of other currencies gained 0.12% to 100.795 by 10:40 PM ET (3:40 AM GMT).

The  pair gained 0.13% to 1.1656 as Prime Minister Boris Johnson was hospitalized for tests on Sunday.

The  pair flattened earlier losses, gaining 0.42% to 108.92 even as Japan is expected to declare a state of emergency by Tuesday.

“When a head of state or government is stricken like this, it will cause concern for holders of sterling and sterling assets,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities, told CNBC.

“Coronavirus cases in Japan may not peak for another month, so the markets will think that now it’s Japan’s turn. A state of emergency is necessary, but this could be yen negative,” Yamamoto added.

Down Under, the  pair gained 0.38% to 0.6018 and the  pair gained 0.07% to 0.5872.

The pair was unchanged at 7.0928. Chinese stock markets are closed today for a public holiday.

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