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Forex News: Dollar Appreciates As Virus, Stimulus Concerns Weigh

Dollar Appreciates As Virus, Stimulus Concerns Weigh

10/15/2020 - 07:23:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major rivals in the European session on Thursday, as uncertainty over a U.S. stimulus package and a rapid rise in coronavirus cases across Europe lifted the appeal of the safe-haven assets.

Treasury Secretary Stephen Mnuchin cautioned that the stimulus package is unlikely to pass before the election, as the two sides remained far apart on certain issues.

Mnuchin blamed Democrats for the deadlock, adding that it is "part of the reality."

Risk sentiment was undermined by rising cases of coronavirus in some regions of Europe and return of restrictions to contain the outbreak.

France has introduced curfews and other European nations are closing schools and cancelling operations due to COVID-19.

The two-day European Union summit will kick off later in the day, with Brexit talks on the agenda.

EU leaders will re-examine the post-Brexit talks as the deadline for a pact on the European Union's relations with Britain nears.

Economic reports on weekly jobless claims, regional manufacturing activity and import and export prices are due later in the day.

The greenback appreciated to 1.2930 against the pound from Wednesday's closing value of 1.3012. The greenback is poised to find resistance around the 1.28 area.

The greenback reached as high as 1.1703 against the euro, which was its strongest level since October 2. The greenback is seen finding resistance around the 1.16 level.

After falling to 0.9127 at 1:45 am ET, the U.S. currency edged up to 0.9156 against the Swiss franc. Next key resistance for the greenback is seen around the 0.94 region.

The greenback was higher against the yen, at 105.34. Further rally may lead the greenback to a resistance around the 108.00 level.

Reversing from its early lows of 1.3138 against the loonie, 0.7170 against the aussie and 0.6663 against the kiwi, the dollar spiked up to a 1-week high of 1.3207, more than 2-week high of 0.7067 and a 6-day high of 0.6592, respectively. On the upside, 1.37, 0.68 and 0.63 are possibly seen as its next resistance levels against the loonie, the aussie and the kiwi, respectively.

Looking ahead, the U.S. weekly jobless claims for the week ended October 10, New York Fed's empire manufacturing survey for October and import and export prices for September will be featured in the New York session.

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