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Forex News: Dollar Falls On Weak Data, Vaccine Hopes

Dollar Falls On Weak Data, Vaccine Hopes

08/21/2020 - 03:38:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its major counterparts in the Asian session on Friday, as U.S. weekly jobless claims rose back above the 1 million mark last week and hopes for a coronavirus vaccine underpinned sentiment.

Data from the Labor Department showed that U.S. weekly jobless claims unexpectedly increased in the week ended August 15.

The report said initial jobless claims climbed to 1.106 million, an increase of 135,000 from the previous week's revised level of 971,000.

Economists had expected a drop of 925,000.

Pfizer Inc. and BioNTech SE said the Covid-19 vaccine they are jointly developing is on track to be submitted for regulatory review as early as October, assuming clinical success.

Encouraging news on the US-China trade front also boosted sentiment. On Thursday, China said that it has agreed to hold talks with U.S. officials soon to review progress on their preliminary deal.

The greenback slipped to 2-day lows of 1.3255 against the pound, 1.1883 against the euro and 105.55 against the yen, after rising to 1.3206, 1.1855 and 105.80, respectively in early deals. The greenback is seen locating support around 1.34 against the pound, 1.20 against the euro and 104 against the yen.

The greenback also dropped to 0.7216 against the aussie and 1.3159 versus the loonie, setting 2-day lows. Should the greenback slides further, it may find support around 0.75 against the aussie and 1.29 versus the loonie.

The U.S. currency edged down to 0.6549 against the kiwi, off an early high of 0.6526. On the downside, 0.68 is possibly seen as the next support level for the greenback. The greenback, however, recovered to 0.9083 against the franc, from a 2-day low of 0.9061 seen earlier in the session. The greenback is likely to locate resistance around the 0.92 level.

Looking ahead, PMI reports from major European economies are due out in the European session.

In the New York session, Canada retail sales for June and new housing price index for July, as well as U.S. existing home sales the same month will be featured.

At 10.00 am ET, European Commission is slated to issue Eurozone flash consumer confidence survey results for August.

For comments and feedback: contact editorial@rttnews.com

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