The euro rose against the dollar on Monday, in a market that continues to closely monitor the evolution of the Covid-19 pandemic.

Around 8:50 a.m. GMT (10:50 a.m. in Paris), the euro gained 0.40% against the greenback, at 1.1223 dollars.

For MUFG's Lee Hardman, "the dollar's performance continues to be driven primarily by fluctuations in risk appetite."

Since the dollar is considered a safe haven, it tends to rise in times of uncertainty and fall when optimism dominates.

Therefore, for Mr. Hardman, the decline in the dollar can be explained in part by the reduction of fears about a second wave of Covid-19 in China.

In Beijing, 2,000 test sites have already taken 2.3 million samples, according to the New China agency and the country will inspect imported food products.

In total, China recorded 26 new cases on Sunday, including three in Hebei province, bordering the capital.

In addition, the coronavirus continues to hit Latin America hard, with more than 50,000 deaths in Brazil, while in Europe the return to normal continues.

But the greenback's decline also comes after a rally on Friday, causing Societe Generale analyst Kit Juckes to say that “we are seeing a technical correction, and it would be crazy to get excited” about it.