The dollar edged up from recent two-and-a-half-month lows on Monday while the New Zealand dollar strengthened to its highest in nearly four months after New Zealand said it had stopped transmission of the coronavirus within the country.
New Zealand Prime Minister Jacinda Arden said on Monday that it would lift all virus-containment measures apart from border controls, making it one of the first countries to do so.
The New Zealand dollar rose against the U.S. dollar in early London trading, hitting a high of 0.6540, its strongest since Jan. 29. The Australian dollar also rose, close to five-month highs at 0.6979.
But hopes for an economic recovery were less clear elsewhere. Better-than-expected U.S. employment data raised expectations for a quicker global economic revival on Friday, but in Europe on Monday the rally in stocks paused as investors turned cautious again.
German industrial output plunged the most on record in April as the coronavirus pandemic forced companies in Europe’s largest economy to scale back production.
The euro was flat, having slipped from recent highs, at $1.1286. It reached a three-month high of $1.1384 last week after the European Central Bank announced that it was expanding its stimulus programme.
Source : Reuters