After Monday’s gains versus other major currencies, the US dollar is taking a breather and stabilising during early trading in Europe on Tuesday European. However, further gains are likely for the dollar because the Fed is giving increasing signals that it is unwilling to take interest rates into negative territory. At the same time, reports of a growth in numbers of new COVID-19 cases in countries that eased lockdown restrictions, such as China and Germany, are causing concern for investors and to some extent driving dollar gains as a safe-haven trade.
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