11/21/2022, 1:15 PM (Source: TeleTrader)
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Dollar firmer as economic woes spread

The United States dollar increased against a basket of major currencies on Monday, as the COVID-19 situation in China rekindled concerns that the second-largest economy in the world will not have an easy path to a durable recovery.

The spike in COVID cases in China seemingly nudged the country's officials to put the zero COVID policy back in the limelight. The notice could have possibly pushed investors in Europe, which is susceptible to Beijing's demand, to turn to the American currency as a safe haven. In addition, the greenback might have also been supported by bullish Fed comments.

The euro faltered 0.93% against the dollar, changing hands for $1.02308 at 7:15 am ET, while the pound tumbled 0.80% against the greenback, to go for $1.17900 a minute later. Meanwhile, the American currency jumped 1.13% against the Japanese yen, selling for 141.98950 at 7:13 am ET.

Baha Breaking News (BBN) / AY