Dollar Strengthened by Safe Currency Buying

The dollar gained against major currencies on Friday (March 11) as investors continued to flee to the greenback as a perceived safe haven.

  • The dollar index against the six major currencies in a basket of currencies was up 0.62% at 99.1230.
  • The US dollar strengthened against the yen at 117.34 yen from 116.08 yen.
  • The dollar strengthened against the Swiss franc at 0.9347 francs from 0.9301 francs.
  • The US dollar was lower against the Canadian dollar to 1.2726 Canadian dollars from 1.2759 Canadian dollars.
  • The euro was lower against the dollar at $1.0910 from $1.0991.
  • The pound fell to $1.3037 from $1.3099.
  • The Australian dollar weakened to $0.7296 from $0.7366.

Investors are buying dollars as a safe haven after the University of Michigan survey showed that its consumer sentiment index fell to 59.7 in March from 62.8 in February.

The dollar was also supported by a possible upward trend in interest rates. Investors will keep an eye on the Federal Reserve’s (Fed) monetary policy meeting on March 15 and 16.

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