U.S. Dollar Spikes Up As Virus Worries Intensify
October 25 2020 - 10:56PM
RTTF2
The U.S. dollar strengthened against its major rivals in the
Asian session on Monday amid safe-haven demand, as several Eurozone
nations reimposed restrictions to contain a resurgence in
coronavirus infections across the continent.
Spain has announced a state of emergency and imposed a national
curfew from 11 p.m. to 6 a.m.
France registered a record daily rise in infections, while Italy
announced new restrictions over the weekend, which shut down gyms,
pools and movie theaters.
The United States has 60,789 new Covid-19 cases and 340 new
deaths on Sunday, according to Johns Hopkins University.
Investors focused on the negotiations between lawmakers over
more economic aid for the pandemic-stricken economy.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven
Mnuchin have stopped negotiating on the coronavirus stimulus
package, with President Donald Trump accusing Pelosi of
intentionally avoiding a deal before the election.
The greenback appreciated to a 5-day peak of 1.3001 versus the
pound from Friday's closing value of 1.3040. If the greenback rises
further, 1.25 is possibly seen as its next resistance level.
The greenback edged up to 1.1828 against the euro, from a low of
1.1859 hit at 6:00 pm ET. The greenback is seen finding resistance
around the 1.15 level.
The USD/JPY pair hit 104.98, setting a 5-day high. Against the
loonie, the greenback registered a 4-day high of 1.3175. Next key
resistance for the greenback is seen around 107.5 against the yen
and 1.35 against the loonie.
The greenback gained to 0.7103 against the aussie and 0.6672
against the kiwi, off its previous lows of 0.7142 and 0.6695,
respectively. The greenback is poised to find resistance around
0.69 against the aussie and 0.64 against the kiwi.
The greenback reached as high as 0.9056 against its Swiss
counterpart, compared to Friday's closing value of 0.9037. On the
upside, 0.95 is possibly seen as its next resistance level.
Looking ahead, German Ifo business sentiment index for October
is due in the European session.
In the New York session, U.S. new home sales for September are
scheduled for release.
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