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Forex News: U.S. Dollar Declines On Virus, Biden's Transition Fears

U.S. Dollar Declines On Virus, Biden's Transition Fears

11/17/2020 - 06:14:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major opponents in the European session on Tuesday, as a return of coronavirus restrictions in some U.S. states and the Trump administration's refusal to coordinate with Biden's transition team weighed on the currency.

Biden on Monday warned of dire consequences if the Trump administration continues to resist cooperation with his transition team on the coronavirus pandemic and block briefings on national security, policy issues and vaccine plan.

Concerns over a smooth transition of power to President-elect Joe Biden kept sentiment subdued.

Global Covid-19 cases topped 55 million today with more than 1.3 million deaths, according to the Johns Hopkins University.

Federal Reserve Vice Chair Richard Clarida said on Monday that more support would be needed from fiscal and monetary authorities to ensure a strong recovery from the coronavirus pandemic.

Investors await the release of U.S. retail sales and industrial production later in the day to assess the health of the economy.

The greenback slipped to 8-day lows of 1.1876 against the euro, 104.24 against the yen and 0.7340 against the aussie, from its early highs of 1.1843, 104.60 and 0.7301, respectively. The currency is seen challenging support around 1.20 against the euro, 100 against the yen and 0.75 against the aussie.

The greenback fell to a 6-day low of 1.3256 against the pound, off an early high of 1.3183. The greenback may challenge support around the 1.34 level.

The greenback reached as low as 0.9099 against the franc, down from a high of 0.9129 set at 2:15 am ET. Next key support for the currency is likely seen around the 0.88 region.

The greenback remained lower at 0.6910 against the kiwi, after having dropped to a 1-1/2-year low of 0.6919 in the previous session. Immediate support for the currency is possibly seen around the 0.72 region.

The U.S. currency pulled back to 1.3065 against the loonie, from a high of 1.3090 seen at 3:00 am ET. On the downside, 1.28 is likely seen as its next support level.

Looking ahead, at 8:15 am ET, Canada housing starts for October are due.

Canada wholesale sales for September, U.S. retail sales, import and export prices and industrial production, all for October, NAHB housing market index for November and business inventories for September will be released in the New York session.

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