The U.S. dollar gained in strength against its peers, recovering after recent weak spells, on safe-haven demand on continued impasse over a fiscal stimulus and on reports showing a surge in coronavirus cases in Europe.
The greenback’s gains were also due to news about Johnson & Johnson pausing its final-stage vaccine trial due to the unexplained illness of a participant.
According to reports, Italy is considering a ban on private parties following the recent spike in new coronavirus cases. France is set to impose new restrictions and the Czech Republic has announced that it would close bars and shift most schools to distance learning.
In U.S. economic news, the Labor Department released a report showing a modest increase in consumer prices in the month of September, with the uptick in prices matching economist estimates.
The report said the consumer price index rose by 0.2% in September after climbing by 0.4% in August.
The dollar index, which began to climb higher after the European session, rose to 93.60 around early afternoon, and was last seen at 93.52, up nearly 0.5% from previous close.
Against the Euro, the dollar firmed up to $1.1747, gaining nearly 0.6%
The Pound Sterling advanced $1.2923 a unit of Sterling, and retreating slightly from that level, was gaining about 1% at $1.2937.
The U.K. ILO jobless rate rose by 0.4 percentage points from the preceding quarter to 4.5% in three months to August, official data showed.
Total retail sales in the U.K. grew 5.6% annually in September versus a 0.6% drop a year ago, the British Retail Consortium said. This was the fastest growth since December 2009, excluding Easter distortions.
Against the yen, the dollar was stronger, fetching 105.48 yen a unit, compared with 105.32 yen Monday evening.
The Aussie shed nearly 0.7% with the AUD-USD pair at 0.7160, against previous close of 0.7209.
The Swiss franc was at 0.9149 a dollar, more than 0.6% down from Monday’s 0.9091, while the Loonie was weaker by 0.18% at 1.3137 a dollar.
The material has been provided by InstaForex Company – www.instaforex.com
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