US Dollar Hits Three-Year High as Investors Seek Safe Haven

The US dollar jumped on Wednesday, hitting a three-year high against major currencies, as the spread of the coronavirus prompted companies and investors to seek safe haven in the greenback.

The dollar index, which tracks the performance of the US currency against a basket of six major currencies, including EUR, JPY, GBP and AUD, the Greenback remains in an aggressive uptrend, jumping 2.051% to 101.440, its highest level since April 2017.

Meantime, the index is also heading to its biggest jump in one day since June 2016.

Just a week ago, the dollar was trading at the lowest since September 2018, yet, volatility and widespread fears favor the US currency.

Also, the Trump administration and the the Federal Reserve announced stimulus measures, launching more facility programs, raising the US currency against other major ones.

The US currency also jumped against the Egyptian pound by about 9 piastres last Monday to record 15.69 to buy and 15.79 to sell.

Finally, analysts expect that the euro and Australian dollar may continue their downtrend against the greenback.