Dollar steadies as China COVID fears linger

Published by
Reuters UK

By Rae Wee SINGAPORE (Reuters) – The dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China’s COVID flare ups, though cautious risk sentiment kept the greenback in demand. The fresh bout of risk aversion had weighed particularly on the antipodean currencies – often used as liquid proxies for the Chinese yuan – with the Aussie sliding nearly 1% overnight. It last gained 0.12% to $0.6614. The kiwi fell more than 0.8% and was last 0.15% higher at $0.6109. China’s capital warned on Monday that it was facing its most severe…

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