The dollar held firm on Friday as caution over rapid rises in U.S. coronavirus cases cast doubt over the reopening of the economy, keeping the allure of its safe-haven value.
FILE PHOTO: A man enters a currency exchange office decorated with images of dollars and euro bills, in Sao Paulo, Brazil, March 5, 2020. REUTERS/Rahel PatrassoAgainst the yen, the dollar traded at 107.17 yen, losing steam after hitting a one-week peak of $1.1348 on Tuesday though the currency has maintained weekly gains of about 0.4%.Also supporting the greenback was the broader rise in corporate demand typically seen towards the end of the month.
“When you look at things like restaurant bookings data, it looks as if they are heading back to square one after a strong recovery,” said Kyosuke Suzuki, director of forex at Societe Generale.Data on Thursday showed weak demand is forcing U.S. employers to lay off workers, keeping new applications for unemployment benefits extraordinarily high, even as businesses have reopened.
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