Despite Covid-19 cases spreading across the United States, the dollar has gained strength as investors view it as a safe asset. Here's why.
It's not just skittish investors who are pilling into the greenback either. The U.S. dollar is kept by most global central banks in reserves and a large share of international transactions are done with the U.S. currency.Primarily the fact that the U.S. is considered largely politically and economically stable.
Plus, the dollar's value isn't likely to drastically fluctuate the way, for instance, the Turkish lira and Argentinian peso have in recent years.boasted about the U.S. dollar's influence"I take great responsibility that people use the dollar as the reserve currency of the world, and the dollar is quite strong," Mnuchin said. "The dollar is strong because of the U.S. economy and because people want to hold dollars and the safety of the U.S. dollar.
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