The U.S. dollar was firmly higher against major currencies on Monday, as rising COVID-19 cases in China led to new restrictions there and weighed on global investor sentiment.
. Two deaths were reported in Beijing on Sunday, and the city's most populous district urged residents to stay at home on Monday.
"The outlook for China's zero-COVID market will remain a key source of volatility," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The dollar index , which tracks the currency against major peers, has slid more than 6% from a 20-year high in October. A fall in the U.S.last month has driven bets that the U.S. Federal Reserve will slow down its interest rate hikes.
The People's Daily newspaper, a mouthpiece of the Chinese Communist Party, on Monday published an article reiterating the need to catch infections early but avoid taking a "one-size-fits-all" approach.
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