Back to safe havens .. Gold is jumping and the dollar is about to post its fifth weekly gain

The safe-haven yen rose as the South African rand fell on Friday with investors cautious after Britain sounded the alarm about a new strain of the Corona virus spreading across the African country.

The yen rose 0.56% to 114.68 per dollar, while the rand fell to its lowest level in more than a year to 16.17 per dollar, as concerns increased over the 1.1,529 strain that it could make vaccines less effective.

The risk-sensitive Aussie dollar fell 0.33% to a three-month low of $ 0.71265, ignoring a much larger-than-expected increase in retail sales.

“Concerns about Covid are certainly playing a role in increasing demand for safe havens, including the yen, and since South Africa is where this new strain is, it’s a clear reason to avoid the rand,” said Shinichiro Kadota. , chief currency strategist of Barclays in Tokyo.

The British pound fell to $ 1.3305, again touching its lowest level in 11 months.

As for the euro, it rose 0.12% to $ 1.12185, to stabilize after hitting a 17-month low earlier this week at $ 1.1186.

The dollar index, which measures the performance of the US currency against six competing currencies, including the yen, the euro and the pound, moved further from the level of 96,938 points recorded on Wednesday, the highest level in about 17 months. And recorded in the last few trades 96,715.

However, it increased 0.73% during the week and is still heading towards posting its fifth weekly gain.

gold

Gold prices rose more than 1% today, Friday, and are back above $ 1,800 as the discovery of a new strain of the Corona virus prompted investors to rush to safe havens.

And gold rose in immediate transactions by 1.2% to $ 1810.10 an ounce. And US gold futures jumped 1.7% to $ 1813.80.

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