U.S. Dollar Falls On Growing Virus Fears
21 Junio 2020 - 11:14PM
RTTF2
The U.S. dollar slipped against its major counterparts in the
Asian session on Monday, as an uptick in Covid-19 cases in the U.S.
intensified concerns over global economic growth.
The U.S. reported more than 30,000 new infections on Friday and
Saturday — the highest daily totals since May 1.
Apple temporarily shut 11 U.S. stores, dashing hopes for a quick
economic recovery.
Federal Reserve officials signaled caution on Friday, saying
that the unemployment rate could rise again if the disease is not
brought under control.
In separate events, Boston Fed President Eric Rosengren and
Minneapolis Fed President Neel Kashkari said that spiraling
coronavirus cases would result in higher unemployment and scupper
quick economic recovery from the novel coronavirus epidemic.
Fed Chair Jerome Powell warned that the U.S. economic recovery
would not be fast or smooth and the path ahead would be
challenging.
The greenback dropped to 1.2401 against the pound, from a 3-week
high of 1.2335 hit at 8:00 pm ET. If the greenback weakens further,
1.27 is possibly seen as its next support level. The greenback fell
to 1.1207 against the euro, after climbing to a session's high of
1.1168 at 7:15 pm ET. The greenback is seen finding support around
the 1.14 region.
Reversing from a high of 0.9527 seen at 6:00 pm ET, the
greenback edged down to 0.9506 against the franc. The greenback may
challenge support around the 0.94 mark.
The greenback weakened to 0.6884 against the aussie, 0.6448
against the kiwi and 1.3566 against the loonie, from its early
1-week highs of 0.6808, 0.6383 and 1.3630, respectively. The next
possible support for the greenback is seen around 0.70 against the
aussie, 0.66 against the kiwi and 1.33 against the loonie.
In contrast, the greenback recovered to 107.01 against the yen,
from a 4-day low of 106.74 seen earlier in the session. On the
upside, resistance is likely seen near the 108.00 level.
Looking ahead, U.S. existing home sales for May are due at 10:00
am ET.
Simultaneously, Eurozone consumer sentiment for June will be
featured.
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