The dollar strengthened yesterday as fears mounted over the possibility of a second wave. Several US states have rising infection rates, with Arizona, California, Mississippi and Nevada reporting record numbers of new cases of COVID-19.
Typically, the US’ currency rises in times of crisis due to its status as a ‘safe-haven’ asset.
Concerns about an increase in tariffs also boosted demand for the greenback. The US announced that it would be introducing more tariffs on European products as part of the ongoing Airbus dispute. The US also said that it would review existing tariffs.
There will be a series of data releases for the US today, including GDP figures.
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