Dollar rises against euro amid recession fears

The US dollar rose against the euro on Monday morning, Report informs.

Investor fears about a recession have intensified amid turmoil in China due to quarantine restrictions.

The euro against the dollar fell to $1.036 from the previous close of $1.0395, the dollar against the yen fell to 138.61 yen from 139.1 yen. The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.41% to 106.39 points.

Traders are looking to avoid risk amid ongoing protests in China, which supports the traditionally safer dollar. In recent months, the epidemiological situation has again worsened in the country, which is why partial lockdowns have been introduced in several cities. Prior to that, it was reported that China fixed a daily anti-record in the number of detected COVID-19 cases for the fourth consecutive day.

Quarantine has sparked protests in the country, including in Shanghai and Beijing, with the protest moods driven, among other factors, by a November 24 fire in a residential building in Urumqi, the Xinjiang Uygur Autonomous Region in the northwest of China, which killed 10 people.