Dollar stands strong with support from domestic data and virus optimism
The U.S. Dollar stood strong on Thursday after gaining support from firm domestic data and an optimistic viewpoint that the coronavirus’ impact on the economy would slow down.
Amid reports of the virus infecting more than 28,018 people and raising the death toll to 563, the World Health Organization soft-pedaled news skeptical to the progress of finding a treatment. The comment from the WHO helped boosted trader confidence.
Forex markets also started garnering more attention for market drivers including U.S. private payrolls; which had recorded its biggest gain in nearly four years. The service sector has also been seen picking up.
This brought the Dollar up in morning trade, sitting at $1.0994/euro – just below a one-week peak that it had reached overnight.