U.S. Dollar Drifts Higher On Global Growth Concerns
24 Septiembre 2020 - 5:01AM
RTTF2
The U.S. dollar was higher against its major counterparts in the
European session on Thursday, as Fed officials' called for more
fiscal stimulus and a rise in coronavirus cases triggered worries
about the pace of the global economic recovery.
Speculation is rife that the U.S. Congress would not agree extra
fiscal stimulus to counter the ongoing Covid-19 crisis in the run
up to the November election.
Fed Chair Jerome Powell noted that the economy had a long way to
go before recovery and further fiscal support is required to limit
damage caused by the coronavirus pandemic.
Fed Vice Chair Richard Clarida said that the economy was still
in a deep hole and policymakers "are not even going to begin
thinking" about raising interest rates for now.
Investors await testimony from Powell before the Senate Banking
Committee in Washington at 10:00 am ET.
Meanwhile, the House approved a stopgap federal funding bill on
Wednesday night to keep the federal government operating through
December 11.
Recovering from its early lows of 1.3372 against the loonie,
0.7081 against the aussie and 0.6557 versus the kiwi, the greenback
spiked up to a 1-1/2-month high of 1.3415, more than 2-month high
of 0.7021 and a 5-week high of 0.6512, respectively. The greenback
is likely to challenge resistance around 1.37 against the loonie,
0.68 against the aussie and 0.63 versus the kiwi.
The greenback firmed to 2-month peaks of 0.9269 against the
franc and 1.1627 versus the euro, off its early lows of 0.9216 and
1.1680, respectively. The greenback is seen finding resistance
around 0.94 against the franc and 1.14 versus the euro. The
greenback hit a 9-day high of 105.53 against the yen, coming off
from a low of 105.21 set at 3:45 am ET. On the upside, 108.00 is
possibly seen as its next resistance level.
In contrast, the U.S. currency fell to a 2-day low of 1.2781
against the pound, compared to Wednesday's closing value of 1.2723.
The greenback is poised to find support around the 1.31 level.
U.S. new home sales for August will be featured shortly.
Federal Reserve Chair Jerome Powell will testify on the CARES
Act before the Senate Banking Committee in Washington DC at 10:00
am ET.
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