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Dollar drops against major world currencies due to Covid-19

The U.S dollar against a basket of other major currencies was down 0.67% to 99.22 on Tuesday, after global investors retreated from the safe-haven asset.

Rising tensions between China and the U.S. are raising concerns while easing COVID-19 lockdown measures are fueling growing optimism.

There has been a disconnect between equities and economics,” said Mazen Issa, senior FX strategist at TD Securities in New York. “So even though there is a risk rally today, the dollar’s performance, in large part, is tied to relative equity performance.

“Markets are caught between two conflicting currents,” Michael McCarthy, CMC Markets’ chief strategist, told Reuters.

Meanwhile, the relationship between the Americans and Chinese has soured lately since the outbreak of the COVID-19 pandemic. US President Trump and President Jinping of China have traded words against each other issues surrounding COVID-19

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