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THE Covid-19 jitters took a turn for the worse across the globe, as many countries started reporting a surge in daily new cases due to the super spreader Delta variant
Global Forex Market INVESTORS’ mood turned sour during the week, triggering a flight to safety due to growing concerns over the global spread of the Delta variant of Covid-19 that may pose further downside risk to global growth.
INVESTORS’ risk appetite in global markets was mixed during the week amid month/quarter-end flows. Investors were monitoring a slew of tier-1 US data release to assess the direction of US interest rates and inflation expectations.
Volatility in the global markets was sucked out, leaving major currencies mostly range-bound as investors took the sidelines ahead of Thursday’s development – US May CPI print and European Central Bank (ECB) monetary meeting.
WHILE the Dollar Index (DXY) was muted at the start of the week, firmer bids were seen towards the end of the week, closing at two weeks high of 90.51 or up 0.53% week-on-week (w-o-w).
THE dollar weakened by 0.27% to 90.61, marking the fourth consecutive week of decline.
THE dollar closed the week stronger, rising 0.20% to 91.86 – hovering at a one-week high propelled by higher UST yields – jumping to its highest level in more than a year as rising optimism faster US economic recovery amid fears of higher inflationary pressure overshadowed Federal Reserve’s dovish stance.
AMID a short working week in conjunction of President Day holiday, the US dollar was on a roller-coaster ride under the week review, appreciating 0.12% to 90.59 while trading between a high and low of 90.95 and 90.48, respectively.