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After falling on Monday, the US dollar is stable against most major currencies.
Melbourne was plunged into quarantine again as virus infections are rising in the city. In this regard, the Australian dollar fell from a monthly high.
Investors hope to avoid large-scale closures. They are paying close attention to the number of new COVID-19 cases in the United States and India.
Chris Weston, head of research at Melbourne's Pepperstone brokerage company, says the country is not experiencing a spike in diseases, but the growing number of infected people is alarming.
Mr. Weston believes that sudden signs of a sell-off in the Treasury market, could lead to serious consequences. He is sure that it is better to leave things as they are. Then, the market may see a rise.
The euro dropped slightly below its two-week high on Monday to $1.1311 while the pound sterling remained unchanged at $1.2505. The Chinese yuan strengthened amid the rapid growth of the Chinese stocks to 107.36 per dollar.
According to the latest data, last month, activity in the US services sector recovered almost to the level that was before the pandemic. However, there are still risks that quarantine may be resumed. In this regard, the US dollar may become weak, according to strategists from Singapore's OCBC Bank.
At the same time, coronavirus continues to spread throughout the world. In the United States, virus infections have grown by tens of thousands across the country. More than 130,000 people died.
Also, in Australia, borders between the two most populous states are closed in order to contain the virus spread.
Despite this news, analysts at National Australia Bank are confident that the dollar will stay in the range of 96-98.
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