Dollar Gains as Growth Concerns – FX Signals  – The dollar pushed higher in early European trade Friday with the safe haven benefiting from investors becoming more risk averse on concerns of the global economic recovery as Covid-19 cases surge again.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 92.505, just shy of Wednesday’s three-month high at 92.844.

USD/JPY was up 0.3% at 110.06, EUR/USD fell 0.1% to 1.1827, while the risk-sensitive AUD/USD fell 0.1% to 0.7419, adding to Thursday’s 0.7% decline and just above the fresh low for the year at 0.7410.

Concerns have been growing that the fast-spreading delta variant of the Covid-19 virus could hamper a global economic revival that is already showing pockets of weakness.

These worries resulted in the benchmark 10-year U.S. Treasury yield falling to its lowest in nearly five months at 1.25% late Thursday, pressuring the dollar, but has since rebounded to 1.34%. It was as high as 1.54% just two weeks ago.

San Francisco Federal Reserve President Mary Daly told the Financial Times in an interview published on Friday that: “One of the biggest risks to our global growth going forward is that we prematurely declare victory on Covid.”

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Dollar Gains as Growth Concerns