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Forex News: U.S. Dollar Declines Amid Economic Optimism

U.S. Dollar Declines Amid Economic Optimism

07/06/2020 - 09:13:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in the European session on Monday, as European shares rallied following a surge in Chinese stocks on hopes for a strong recovery from the coronavirus crisis.

Shanghai stocks soared 5.71 percent, marking the biggest advance since 2015.

A slew of positive data released today also boosted hopes for a quick economic recovery.

Investors shrugged off worries about rising coronavirus infections in the United States and some other countries and instead focused on the prospects for economic recovery.

While Eurozone retail sales rebounded in May, the U.K. construction industry surged back to growth in June, separate reports showed.

Lockdown restrictions eased further in Europe, with England embarking on perhaps its biggest lockdown easing yet as pubs and hairdressers reopen for the first time since late March.

Starting July 1, the European Union opened its borders to travelers from some third countries where the coronavirus outbreak is considered to be under control.

The greenback dropped to 1.1328 against the euro, its lowest level since June 23. The greenback is seen finding support around the 1.16 region.

Data from Eurostat showed that retail sales activity rebounded strongly in the euro area in May, as lockdown restrictions were eased in most countries.

Sales in the 19 countries sharing the euro zone rose by 17.8 percent in May from April. The greenback fell to a 4-day low of 1.2519 against the pound, compared to Friday's closing quote of 1.2482. The currency may challenge support around the 1.29 region, if it drops again.

The greenback depreciated to 0.9392 against the franc, its weakest level in nearly four weeks. The greenback is poised to challenge support around the 0.91 mark.

The greenback pulled back to 107.46 against the yen, from a 5-day high of 107.77 seen in the Asian session. Next key support for the greenback is possibly seen around the 104.00 level.

The greenback held steady against the kiwi and the aussie, after dropping to near 4-week lows of 0.6566 and 0.6983, respectively in early deals. The greenback had finished Friday's deals at 0.6531 against the kiwi and 0.6943 versus the aussie.

In contrast, the greenback bounced off slightly to 1.3560 against the loonie, from near a 2-week low of 1.3519 set at 2:45 am ET. The greenback is likely to find resistance around the 1.37 level.

The U.S. ISM non-manufacturing composite index for June will be out in the New York session.

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