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Forex News: Dollar Climbs On U.S. Economic Stimulus Hopes

Dollar Climbs On U.S. Economic Stimulus Hopes

03/10/2020 - 04:08:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts on Tuesday, amid rising hopes for economic stimulus from Trump administration and a recovery in Treasury yields.

U.S. President Donald Trump said on Monday that he is considering a "substantial" coronavirus economic stimulus package to support the economy.

Trump has scheduled a news conference later on Tuesday to lay out economic stimulus plans in response to the coronavirus outbreak.

Trump said that he would hold a meeting with Senate and House Republicans to discuss a payroll tax cut or relief.

Asked about the danger of a U.S. recession, Treasury Secretary Steven Mnuchin said the U.S. economy is resilient.

"This is not like the financial crisis where we don't know the end is in sight," Mnuchin said. "This is about providing proper tools and liquidity to get through the next few months."

The greenback strengthened to 4-day highs of 1.3017 versus the pound and 1.1332 versus the euro, from its early lows of 1.3129 and 1.1458, respectively. Next key resistance for the greenback is seen around 1.27 versus the pound and 1.12 versus the euro.

Reversing from its early lows of 0.9240 against the franc and 102.00 against the yen, the greenback moved up to 4-day highs of 0.9374 and 105.01, respectively. Immediate resistance for the greenback is likely located around 0.96 against the franc and 106.00 against the yen.

The greenback rose to 0.6544 against the aussie and 0.6286 against the kiwi, recovering from its previous lows of 0.6613 and 0.6359, respectively. If the currency rises further, 0.63 and 0.61 are possibly seen as its next resistance levels against the aussie and the kiwi, respectively.

In contrast, the greenback dropped to 1.3609 against the loonie, from an early high of 1.3708. The next possible support for the greenback is seen around the 1.35 level.

Looking ahead, Eurozone final GDP and employment data for the fourth quarter are due out in the European session.

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