The dollar held firm on Thursday as an increase in coronavirus cases in the United States undermined hopes for a quick turnaround in the pandemic-hit economy and prompted traders to cuts bets on riskier currencies.
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/IllustrationThe euro retreated to $1.1251 while the British pound also stepped back to $1.2423.
Also souring the mood was news that Washington is considering changing tariff rates for various European products as part of the trading partners’ aircraft dispute. The Australian dollar traded at $0.6864 after losing 0.90% the previous day while the Canadian dollar drooped to C$1.3644 to the dollar, not helped by Fitch’s downgrade of Canada’s sovereign rating.
The International Monetary Fund slashed its 2020 global output forecasts further as it sees deeper and wider damage from the pandemic than first thought.
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