Dollar steadies as fears mount over surge in COVID-19 cases

The U.S. Dollar reached a three-week high while commodity currencies halted on Monday after concerns mounted over the surge of new COVID-19 cases around the world.

Market movements were still limited as investors hoped that fears of a second wave would compel new lockdown measures. However, with the World Health Organization reporting a record increase of cases especially in America and Apple Inc. temporarily closing 11 of its stores in the U.S., many still remained cautious.  

The Dollar Index fell back flat after it had inched up to 97.744, continuing gains from last week’s session.

The Japanese Yen held its ground at $106.92 after it reached a one-month high of $106.58 in May.

The Euro remained almost unchanged at $1.1176 after it had slipped to a three-week low of $1.1168.

The British Pound Sterling last traded above its three-week low of $1.2363, held down by Brexit worries as little has progressed in terms of trade discussions with the rest of Europe.

Down Under, the Australian Dollar fell against the Greenback and the Yen in early trade, slipping by at least 0.2%. It last traded at $0.6844 and ¥ 73.18.

Meanwhile, the New Zealand Dollar inched up against the Dollar to $0.6418. However, the antipodean currencies have been losing strength since early June.