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Home Markets Currencies

Currency traders seek refuge in U.S dollar

Olumide Adesina by Olumide Adesina
October 28, 2020
in Currencies
The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 
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Currency traders at mid-week trading session increased their buying pressure on the safe-haven currency greenback, as they turned away in masses from riskier fiat currencies. This is so, given the prevailing geopolitical uncertainty surrounding the COVID-19 pandemic – particularly in Europe, and coupled with sentiments surrounding the very close U.S presidential election.

READ: Gold prices under pressure, U.S dollar ticks up

READ: World Bank puts pressure on Nigeria for more forex reforms to aid recovery

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What you should know

  • At the time of writing, the U.S. Dollar Index, which tracks the greenback against a basket of six global currencies, gained 0.5%.
  • Also at the time of writing EUR/USD was down 0.4% at 1.1749, falling for the third consecutive trading day.

READ: Large BTC entity transfers over $100 million worth of Crypto

The dollar has gained traction of late on the bias that the COVID-19 virus seems to be going out of hand; thereby, leading traders to increase their long bets on the U.S dollar – as the virus spreads in key markets, in places like Europe and the United States. This has fanned concerns that pre- COVID-19 economic growth is not happening anytime soon.

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Tags: Covid-19currency traders’EuropeU.S. dollarUnited States
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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