The US Dollar is losing ground to other currencies during the early part of the European session, with the Index that measures the performance of the greenback versus the other major currencies shedding more than 0.5% relatively to where it was at Friday’s close. The coronavirus crisis has reinforced the dollar’s status as a safe haven for currency traders with today’s losses representing the other side of that coin.
The peak of infections and fatalities in some of the worst affected countries in Europe appears to have passed with plans in place to gradually reopen those economies. This has turned market sentiment positive with the Dollar experiencing less demand as a result.
