Dollar retreats from 9-month high as stock rally lifts sentiment

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The dollar index, which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4.

The move came as equities rebounded across the region, with base metals prices up as hopes of an improvement in demand rose after China, the world’s top metals consumer, reported no new locally transmitted COVID-19 cases for the first time since July. Wall Street’s stronger finish on Friday also underpinned sentiment.

Commodity-linked currencies including the Aussie and Canadian dollar led the rebound against the dollar, following steep declines last week.

The Aussie climbed 0.29% to $0.71575, after reaching a 9 1/2-month low of $0.71065 on Friday.

Against the Canadian dollar, the greenback slipped 0.25% to C$1.2776. It surged to an eight-month high of C$1.2949 at the end of last week.

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