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Forex News: U.S. Dollar Spikes Up As Trade Worries Recede

U.S. Dollar Spikes Up As Trade Worries Recede A Little

09/30/2019 - 10:06:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Monday, as worries over a trade war eased a bit after U.S. denied reports of limiting some U.S. investments in China.

Over the weekend, a US official said that the administration does not intend to block Chinese companies from listing shares on U.S. stock exchanges at this time.

This came after media reports suggested Friday that the Trump administration was considering ways to delist Chinese companies from U.S. stock exchanges and limit U.S. investors' portfolio flows into China.

The Chinese state-owned media called Washington's potential restrictions on U.S. investments in China "the latest attempt at a decoupling" and warned such measures will have significant repercussions for the Chinese and U.S. economies, as well as their companies, in the future.

U.S. and China trade team are scheduled to meet in Washington on October 10. The talks had broken down early this year, with both sides responding with tit-for-tat tariffs on each others' goods.

The currency held steady against its major counterparts in the Asian session, excepting the yen.

The greenback appreciated to near a 2-week high of 0.9973 against the franc from last week's closing value of 0.9906. The next likely resistance for the greenback is seen around the 1.01 level.

Reversing from a low of 107.74 hit at 3:15 am ET, the greenback edged up to 108.09 against the yen. The greenback may find resistance around the 111.00 level.

Preliminary data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined at a faster-than-expected rate in August.

Industrial production fell 1.2 percent month-on-month in August. Economists had expected a fall of 0.5 percent.

The greenback spiked up to 1.0885 against the euro, a level unseen since May 2017. On the upside, 1.06 is possibly seen as the next resistance for the greenback.

Preliminary data from Eurostat showed that Eurozone unemployment rate unexpectedly dropped in August to its lowest level in more than a decade.

The seasonally adjusted unemployment rate fell to 7.4 percent from 7.5 percent in July. Economists had expected the rate to remain unchanged.

The greenback bounced off to 1.2290 against the pound, from a low of 1.2330 hit at 5:00 am ET. The greenback is poised to find resistance around the 1.21 region.

Data from the Bank of England showed that British households' borrowing declined in August as uncertainties surrounding Brexit weighed on consumer confidence.

The number of mortgage approvals for house purchase fell to 65,500 in August from an18-month high of 67,000 in July. This was well below the forecast of 66,500.

The greenback reversed from an early low of 1.3224 against the loonie, rising to 1.3260. If the greenback rises further, it may find resistance around the 1.35 level.

On the flip side, the greenback retreated to 0.6760 against the aussie and 0.6273 against the kiwi, from its early high of 0.6746 and a 4-year high of 0.6249, respectively. The greenback is seen finding support around 0.71 against the aussie and 0.66 against the kiwi.

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