Commodity currencies are declining as OPEC + fails to calm concerns about demand
Economy News _ Baghdad
Commodity-linked currencies slumped against rival Safe Haven currencies such as the dollar and yen on Monday as a record production cut agreed by OPEC and other crude producers failed to allay wider concerns about declining global demand.
The US dollar rose against its Australian and New Zealand counterparts, which are a measure of market risk, in an indication that investors remain concerned about the outlook for commodity consumption.
And financial markets remain in a state of tension over the spread of the emerging Corona virus, as strict restrictions on the movement of people push the global economy into a deep recession.
The dollar rose 0.63 percent against the Norwegian krone to 10.23 and 0.37 percent to 23.43 Mexican pesos.
Against the Canadian dollar, the US currency stabilized at 1.3945 Canadian dollars.
The yen rose 0.62 percent to 107.83 yen to the dollar on Monday, jumping more than 0.5 percent against the Australian and New Zealand dollars.
On the domestic market, the yuan fell slightly to 7.0465 to the dollar after officials announced a rise in the incidence of HIV in the mainland. The virus first appeared in China late last year and dealt a severe blow to the world's second largest economy.
Against the Swiss franc, which is considered a safe haven, the US currency stabilized at 0.9644.
The dollar rose to 1.0950 against the euro.
The Australian dollar erased losses it incurred early to trade at $ 0.6348. The New Zealand dollar fell 0.16 percent to 0.6081 USD, as investors refrained from taking risks.
The pound rose 0.3 percent to $ 1.2509 and recorded in the latest trading 87.57 pence per euro.
The Sterling held back after British Prime Minister Boris Johnson left hospital after being treated for Covid-19, the disease caused by the emerging coronavirus.