Dollar holds its own as investors seek shelter
The U.S. Dollar found broad support on Monday as global political uncertainty and fears over a widening of the Sino-U.S. trade war kept investors in safe havens. The Dollar was backed ahead of a slew of global economic indicators during the week.
The Greenback was steady against most major currencies and even gained against the riskier, trade-exposed currencies such as the Australian Dollar and the Chinese Yuan. The worst of the impact was taken by the New Zealand Dollar, falling half a percentage point in its weakest in more than 11 years.
“Risk-off sentiment is prevailing in the market,” said Anthony Doyle, global cross-asset specialist at Fidelity International in Sydney, citing U.S. political turmoil and Brexit as looming worries apart from the trade war.
“There’s a lot of uncertainty out there.” he said.