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Forex News: Dollar Higher After U.S. Presidential Election Debate

Dollar Higher After U.S. Presidential Election Debate

09/30/2020 - 03:49:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its most major opponents in the Asian session on Wednesday, as the US Presidential election debate failed to impress investors and increased uncertainty about an inconclusive election.

President Donald Trump and Democratic rival Joe Biden clashed over Trump's handling of the coronavirus pandemic, the economy and the integrity of the upcoming election in the first presidential debate held at Case Western Reserve University in Cleveland.

Comments from Trump suggesting a delay in the election results and uncertainty ahead weighed on the markets.

The risk sentiment improved in early Asian trading following the release of better-than-expected China manufacturing data. However, shares pulled back following Trump's comments on the election results.

On the economic data front, ADP's private payrolls report, pending home sales and GDP data are due out later in the day.

The greenback firmed to 1.3421 against the loonie for the first time since August 4. The greenback is seen finding resistance around the 1.36 mark.

The greenback bounced off to 0.7100 against the aussie and 0.6574 against the kiwi, from its prior 1-week lows of 0.7150 and 0.6613, respectively. Next key resistance for the greenback is seen around 0.68 against the aussie and 0.63 against the kiwi.

The U.S. currency recovered from its early low of 0.9190 against the franc and an 8-day low of 1.1755 against the euro and spiked up to 0.9219 and 1.1723, respectively. The greenback is likely to face resistance near 0.94 against the franc and 1.15 against the euro.

The greenback touched a 2-day high of 1.2806 against the pound, up from Tuesday's closing value of 1.2855. On the upside, 1.25 is seen as its next resistance level.

In contrast, the greenback eased off to 105.44 against the yen, after rising to more than a 2-week high of 105.80 at 9:00 pm ET. The next possible support for the greenback is seen around the 104.00 region.

Looking ahead, German jobless rate and Swiss economic sentiment index for September are due in the European session.

U.S. ADP private payrolls data for September is scheduled for release at 8:15 am ET.

Canada GDP data for July, U.S. GDP data for the second quarter and pending home sales for August will be released in the New York session.

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