Dollar, Safe-Haven Currencies Up Over Fading Recovery Optimism By Investing.com

© Reuters.

By Gina Lee

Investing.com – The dollar was up on Tuesday morning in Asia. Disappointing economic data from China, the continuous spread of COVID-19’s Delta variant, and political tension in Afghanistan all served to curb the market’s risk appetite, giving the safe-haven U.S. currency a boost.

The that tracks the greenback against a basket of other currencies inched up 0.05% to 92.668 by 10:43 PM ET (2:43 AM GMT).

The pair inched up 0.01% to 109.25.

The pair was down 0.35% to 0.7311, with the Reserve Bank of Australia releasing earlier in the day. The pair was down 0.50% to 0.6982, with the due to hand down its policy decision on Wednesday.

The pair inched up 0.07% to 6.4786 while the pair edged down 0.19% to 1.3824.

Other safe-haven currencies, such as the yen, also gained against riskier currencies. The euro fell as low as 128.50 yen, its lowest level since late March. 2021. The Swiss franc also remained near a nine-month high of 1.0720 reached earlier in the month against the euro, trading at 1.0745 francs to the euro.

“The moves seem to reflect a deteriorating in market sentiment. You could say the impact of COVID-19’s Delta variant is behind this,” Daiwa Securities senior strategist Yukio Ishizuki told Reuters.

Investors are still digesting Monday’s data from China that said and fell more than expected in July as the world’s second-largest economy continues to deal with its latest COVID-19 outbreak.

Meanwhile, U.S. Federal Reserve Chairman will speak at a town hall for educators later in the day. However, it is widely expected that he will not address monetary policy at this meeting but wait until the central bank’s Jackson Hole symposium, due to take place next week.

The Fed will also release the on Wednesday, while U.S. and data will be released later in the day.

, after the Taliban seized the capital city of Kabul, also curbed risk appetite. However, the direct impact for markets has so far been limited, according to some investors.

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