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Forex News: U.S. Dollar Climbs As Virus Worries Return

U.S. Dollar Climbs As Virus Worries Return

06/12/2020 - 04:05:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the Asian session on Friday, as heightened worries over second wave of infections prompted investors to seek safe haven assets.

The global number of Covid-19 cases jumped to over 7.5 million, while the death toll neared 421,000, according to Johns Hopkins University.

The United States continues with the world's highest number of confirmed cases followed by Brazil, Russia, India and the U.K.

As worries mount over second case of infections, U.S. Treasury Secretary Steven Mnuchin dismissed a need for a second shutdown even if new cases accelerate.

The greenback appreciated to an 8-day high of 1.2545 against the pound and a 3-day high of 1.1277 against the euro, after falling to 1.2607 and 1.1316, respectively in early deals. The next possible resistance for the greenback is seen around 1.20 against the pound and 1.10 against the euro.

The greenback spiked up to an 11-day high of 1.3667 against the loonie, 10-day high of 0.6800 against the aussie and a 9-day high of 0.6394 against the kiwi, from its early lows of 1.3600, 0.6874 and 0.6448, respectively. Next key resistance for the greenback is likely seen around 1.40 against the loonie, 0.65 against the aussie and 0.62 against the kiwi.

The greenback hit a 2-day high of 107.33 against the yen, from a low of 106.58 seen at 8:45 pm ET. The greenback is seen finding resistance around the 110.00 mark.

The greenback reversed from its early low of 0.9429 against the franc, with the pair trading at 0.9451. On the upside, 0.97 is possibly seen as the next resistance level for the greenback.

Looking ahead, Eurozone industrial production for April is due in the European session.

U.S. import and export prices for May and University of Michigan's preliminary consumer sentiment for June are scheduled for release in the New York session.

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