The U.S. dollar was down on Monday in Asia as stock markets saw sharp losses in the face of an uptick of COVID-19 cases over the weekend. <\/p>\n\n\n\n
The U.S. dollar index<\/a> that tracks the greenback against a basket of other currencies slipped 0.62% to 102.857 by 1:48AM ET (05:48 GMT), continuing Friday\u2019s drop. <\/p>\n\n\n\n Despite its fall, Yukio Ishizuki, FX strategist at Daiwa Securities, noted that the dollar will continue to be safe haven for investors in the midst of continuing economic turmoil. <\/p>\n\n\n\n \u201cWe\u2019ve moved from risk off to a phase where major players are competing with each other for the safety of holding dollars in cash,\u201d Yukio Ishizuki, FX strategist at Daiwa Securities, told CNBC. <\/p>\n\n\n\n \u201cThere are still a lot of investors who need to sell riskier assets, and they want to hold their money in dollars,\u201d he added.\u202f <\/p>\n\n\n\n U.S. Treasury Secretary Steve Mnuchin said that Congress is close to finalising a stimulus package of up to $4 trillion on Sunday, including a direct cash payment of $3,000 to families. <\/p>\n\n\n\n The Federal Reserve also expanded its currency swap lines to a further nine countries on Thursday.\u202f\u202f <\/p>\n\n\n\n The AUD\/USD<\/a> pair lost 0.44% to 0.5773 as the ASX 200 entered bear territory. Lawmakers met for a special sitting in the morning to pass an additional A$6 billion ($3.45 billion) package to avert recession and save jobs. <\/p>\n\n\n\n The NZD\/USD pair was down by 0.82% to 0.5660 as the dollar reaches a near-11 year high against the Kiwi<\/a> counterpart. The country is racing towards a shutdown beginning tomorrow to combat the spread of COVID-19 in the country. <\/p>\n\n\n\n The USD\/JPY<\/a> pair was down 0.78% to 109.94, weakening from levels below 108 seen last week, as Japan returned from a national holiday on Friday <\/p>\n\n\n\n Meanwhile, the GBP\/USD<\/a> pair jumped almost 2% late last week following the news that the U.K proposed emergency legislation to contain the pandemic on Friday,. The pair last traded at 1.1692 today, up 0.44%. <\/p>\n\n\n\n The USD\/CNY<\/a> pair flattened to a 0.01% gain of 7.0960. <\/p>\n","protected":false},"excerpt":{"rendered":" The U.S. dollar was down on Monday in Asia as stock markets saw sharp losses in the face of an uptick of COVID-19 cases over the weekend. The U.S. dollar index that tracks the greenback against a basket of other currencies slipped 0.62% to 102.857 by 1:48AM ET (05:48 GMT), continuing Friday\u2019s drop. Despite its fall, Yukio Ishizuki, FX Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2047","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/2047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/comments?post=2047"}],"version-history":[{"count":1,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/2047\/revisions"}],"predecessor-version":[{"id":2048,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/posts\/2047\/revisions\/2048"}],"wp:attachment":[{"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/media?parent=2047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/categories?post=2047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forexvarsity.com\/welcome\/wp-json\/wp\/v2\/tags?post=2047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}