Dollar rises to 2-week high on strong demand

The US dollar rose against against a basket of its peers on Monday, to continue its rally for the fourth day, and hit a 2-week high as investors continued to hoard cash amid the ongoing liquidity crunch, amid the rising concerns over the coronavirus pandemic.

The dollar index rose about 0.2% to the level of 100.85 points, the highest since March 26, and the level of opening trading today at 100.66 points, and recorded the lowest level at 100.48 points.

The dollar index rose 0.2% to the highest since March 26 at 100.85 points, after opening at 100.66 points, and hit today's low at 100.48, while it gained 0.6% on Friday, following the release of weak US jobs data.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, at the fastest pace since the 2008 financial crisis, as the coronavirus continued to cast its shadow on the US labor market.

The US dollar index has gained 2.4% during the past week, to post the third weekly gain in a month, due to high demand on the greenback amid a liquidity crunch.

Coronavirus infections rose to more than 1.2 million cases worldwide, and its death toll rose to more than 68,000 victims, leading most global governments to extend lockdown to contain its spread, which deepens the huge global economic losses.

Most experts believe the global economy will suffer a contraction more severe than the 2008/09 global financial crisis.