The dollar nursed losses on Tuesday, after slumping to a two-year low, as investors worry about the damage from the coronavirus to the U.S. economy and await the latest outlook from the Federal Reserve and the passage of a new fiscal rescue package.
Pressure on the greenback has been relentless since the end of May, as faith in a global economic recovery from the pandemic has grown stronger and other currencies have rallied.
While the rate of new U.S. case numbers is showing signs of slowing down, the unchecked spread of the virus also seems to be denting economic recovery and a rebound in hiring has stalled. That has led some to entertain the prospect of an imminent dollar rebound. One warning sign has come from the Chinese yuan, which has struggled to capitalise on the dollar's weakness amid heightened Sino-U.S. tensions.
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