Dollar Gains Against Most Currencies As COVID-19 Cases Rise – 16 July, 2020

Ongoing tensions between the U.S. and China caused the safe haven yuan to take a hit, while the dollar managed to hold onto gains against most currencies. Hopes that the European Union will support a fiscal stimulus helped the euro steady at $1.1381, and gain against the British pound at 90.60 pence. The pound was stable at $1.2560, while the dollar last stood at 107.24 yen after gaining 0.3% the previous session. Against the Swiss franc, the dollar was near a two week high at 0.9460. A major spread in coronavirus cases in many U.S. states as well as a rumored travel ban by the Trump administration on Chinese Communist Party members caused the safe haven dollar to gain. The onshore yuan fell to its lowest in three weeks at 7.0041 on fears of a shattering U.S.-Sino relationship.