London (Archyde.com)
The US dollar rose to a two-year high on Monday, as a wave of risk aversion swept global markets, while the Chinese yuan was set to post its biggest three-day losing streak in nearly four years on growing fears of an economic slowdown in China.
As the war in Ukraine entered its third month and fears of the spread of “Covid-19” increased across China, which caused Chinese stocks to decline, investors abandoned currencies, such as the Australian dollar and the Chinese yuan.
The dollar index, which measures its performance once morest six major currencies, rose 0.6 percent to 101.62, 2020. It is on track to achieve its largest daily rise since March 11.
The Australian dollar, which was one of the biggest gainers in the first quarter of 2022, fell thanks to higher commodity prices.