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Forex News: U.S. Dollar Drifts Higher On Global Growth Concerns

U.S. Dollar Drifts Higher On Global Growth Concerns

09/24/2020 - 10:01:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the European session on Thursday, as Fed officials' called for more fiscal stimulus and a rise in coronavirus cases triggered worries about the pace of the global economic recovery.

Speculation is rife that the U.S. Congress would not agree extra fiscal stimulus to counter the ongoing Covid-19 crisis in the run up to the November election.

Fed Chair Jerome Powell noted that the economy had a long way to go before recovery and further fiscal support is required to limit damage caused by the coronavirus pandemic.

Fed Vice Chair Richard Clarida said that the economy was still in a deep hole and policymakers "are not even going to begin thinking" about raising interest rates for now.

Investors await testimony from Powell before the Senate Banking Committee in Washington at 10:00 am ET.

Meanwhile, the House approved a stopgap federal funding bill on Wednesday night to keep the federal government operating through December 11.

Recovering from its early lows of 1.3372 against the loonie, 0.7081 against the aussie and 0.6557 versus the kiwi, the greenback spiked up to a 1-1/2-month high of 1.3415, more than 2-month high of 0.7021 and a 5-week high of 0.6512, respectively. The greenback is likely to challenge resistance around 1.37 against the loonie, 0.68 against the aussie and 0.63 versus the kiwi.

The greenback firmed to 2-month peaks of 0.9269 against the franc and 1.1627 versus the euro, off its early lows of 0.9216 and 1.1680, respectively. The greenback is seen finding resistance around 0.94 against the franc and 1.14 versus the euro. The greenback hit a 9-day high of 105.53 against the yen, coming off from a low of 105.21 set at 3:45 am ET. On the upside, 108.00 is possibly seen as its next resistance level.

In contrast, the U.S. currency fell to a 2-day low of 1.2781 against the pound, compared to Wednesday's closing value of 1.2723. The greenback is poised to find support around the 1.31 level.

U.S. new home sales for August will be featured shortly.

Federal Reserve Chair Jerome Powell will testify on the CARES Act before the Senate Banking Committee in Washington DC at 10:00 am ET.

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