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U.S. Dollar Tanks Amid Coronavirus Concerns

The greenback was under pressure as traders were worried that a continued spike in U.S. coronavirus cases would threaten the country's economic recovery.
28 Jul 2020 14:22
U.S. Dollar Tanks Amid Coronavirus Concerns
A woman tours the National Mall near the Capitol in Washington, D.C., the United States, July 26, 2020. (Photo by Ting Shen/Xinhua)

The U.S. dollar dipped noticeably in late trading on Monday as market participants grew concerned over a soaring number of coronavirus infections in the United States.

The dollar index, which measures the greenback against six major peers, decreased 0.82 percent at 93.6738.

In late New York trading, the euro was up to 1.1749 U.S. dollars from 1.1635 dollars in the previous session, and the British pound increased to 1.2870 dollars from 1.2788 U.S. dollars in the previous session. The Australian dollar increased to 0.7141 U.S. dollar from 0.7094 dollar.

The U.S. dollar bought 105.38 Japanese yen, lower than 106.01 Japanese yen of the previous session. The U.S. dollar was down to 0.9203 Swiss franc from 0.9222 Swiss franc, and it fell to 1.3360 Canadian dollars from 1.3422 Canadian dollars.

Photo taken on March 17, 2020 shows U.S. dollar banknotes in Washington, D.C., the United States. (Xinhua/Liu Jie)

Photo taken on March 17, 2020 shows U.S. dollar banknotes in Washington, D.C., the United States. (Xinhua/Liu Jie)

The greenback was under pressure as traders were worried that a continued spike in U.S. coronavirus cases would threaten the country’s economic recovery, experts noted.

“The U.S. is unable to get on top of the epidemic. The direct effects on U.S. consumers and producers have all been widely discussed,” Ulrich Leuchtmann, analyst at Commerzbank, said in a note on Monday.

The pandemic crisis did tarnish the conviction of many that the U.S. economic system is superior to many others, Leuchtmann added.

More than 4.26 million confirmed COVID-19 cases have been reported in the United States, with over 147,000 deaths, as of Monday afternoon, according to a tally by Johns Hopkins University.

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