WASHINGTON (dpa-AFX) - The U.S. dollar firmed against its major counterparts on Monday as a surge in coronavirus cases across the globe pushed up the demand for the safe-haven currency. Higher treasury yields contributed as well to the dollar's uptick.
According to reports, the seven-day rolling average of Covid cases in the U.S. crossed 400,000 on Sunday due to the rapid spread of the Omicron variant.
President Joe Biden's chief medical adviser Anthony Fauci said on Sunday that the 'really unprecedented' spike in cases could cause serious illness in many unvaccinated Americans.
Traders awaited the release of the minutes from the Federal Reserve's December meeting. The minutes, due out on Wednesday, could offer more clue on the timing of the first rate hike by the central bank.
In economic news today, a report from the Commerce Department showed U.S. construction spending increased 0.4 percent in November amid strong gains in single-family homebuilding. However, outlays on public projects were weak.
Economists had expected construction spending to climb 0.6 percent. Construction spending increased 9.3% on a year-on-year basis in November.
Spending on private construction projects rose 0.6 percent in November. Outlays on residential construction surged 0.9 percent.
The dollar index, which climbed to 96.33, pared some gains subsequently and is at 96.22, up 0.26 percent from the previous close.
Against the Euro, the dollar is trading at $1.1299, gaining from $1.1373.
The dollar is trading at $1.3478 against Pound Sterling, firming from $1.3528.
Against the Japanese currency, the dollar is at 115.35 yen, rising from 115.10.
The dollar is gaining more than 1 percent against the Aussie at 0.7190.
The Swiss franc is at 0.9189 against the dollar, down from 0.9123 on Friday, while the Loonie is at C$1.2747, easing from C$1.2641.
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