close up of one us dollar

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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