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Forex News: Dollar Drops On China Virus Fears

Dollar Drops On China Virus Fears

01/31/2020 - 09:42:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Friday, as the outbreak of the coronavirus is rapidly spreading outside China, raising concerns about the global economy.

The Chinese National Health Commission said that 213 people have died from the coronavirus, while the number of confirmed cases has risen to more than 9,800.

The U.K. and Russia have also confirmed their first cases of coronavirus infection, triggering fears about the economic impact of the disease.

Data from the Commerce Department showed that U.S. personal income increased slightly more than anticipated in the month of December.

The report said personal income rose by 0.2 percent in December after climbing by a downwardly revised 0.4 percent in November.

The greenback trended higher against its most major rivals in the Asian session.

The greenback slipped to 108.84 against the yen, after rising to a 2-day high of 109.14 in the Asian session. The next possible support for the greenback is seen around the 106.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales rose a seasonally adjusted 0.2 percent on month in December.

That was shy of expectations for a gain of 1.2 percent following the 4.5 percent jump in November.

The greenback declined to an 8-day low of 0.9670 versus the franc from yesterday's closing value of 0.9695. The greenback is seen finding support around the 0.95 region.

Data from the Federal Statistical Office showed that Switzerland's retail sales rose for the fourth month in a row in December.

Retail sales rose a working-day adjusted 0.1 percent year-on-year in December, following a 0.5 percent increase in November.

The greenback hit a weekly low of 1.1053 against the euro from Thursday's closing quote of 1.1031. If the greenback extends decline, 1.12 is possibly seen as its next support level.

Preliminary data from Eurostat showed that Eurozone inflation accelerated for the third straight month in January.

Inflation rose to 1.4 percent from 1.3 percent in December. The rate came in line with expectations.

After rising to near a 2-month high of 1.3245 versus the loonie, the greenback briefly pulled back to 1.3222. On the downside, 1.30 is possibly seen as the next support level for the greenback.

The greenback retreated to 0.6471 against the kiwi and 0.6704 against the aussie, from its early near a 2-month high of 0.6454 and near a 4-month high of 0.6683, respectively. The greenback may challenge support around 0.66 against the kiwi and 0.71 against the aussie, if it slides again.

After a brief pause, the greenback fell to a weekly low of 1.3145 against the pound. Further weakness in the currency may locate support around the 1.33 level.

Data from the Bank of England showed that UK mortgage approvals rose to the highest level in two-and-a-half years in December.

The number of mortgages approved in December rose to 67,241 from 65,514 in November. This was also above the forecast of 65,600.

The University of Michigan's final consumer sentiment index for January is due out at 10:00 am ET.

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