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Forex News: U.S. Dollar Drops As Beijing Reopens

U.S. Dollar Drops As Beijing Reopens

06/06/2022 - 07:32:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its major rivals in the European session on Monday, as risk sentiment improved amid easing of Covid-19 restrictions in China's capital, Beijing.

The authorities have allowed indoor dining and resumption of normal work in most parts of the city.

Schools would reopen from June 13 and museums, cinemas and gyms could operate at up to 75 percent of capacity.

Traffic bans were also lifted in the capital, except for two districts.

Optimism about a reopening in China helped offset concerns about inflation and the Federal Reserve's policy tightening.

The greenback weakened to 0.9606 against the franc and 1.2577 against the pound, moving away from an early high of 0.9633 and a 4-day high of 1.2476, respectively. The greenback is seen finding support around 0.93 against the franc and 1.28 against the pound.

The greenback edged down to 1.0752 against the euro and 1.2557 against the loonie, following an early high of 1.0710 and a 4-day high of 1.2601, respectively. The greenback is poised to test support around 1.10 against the euro and 1.23 against the loonie.

The greenback reversed from its early 4-day highs of 0.6496 against the kiwi and 0.7187 against the aussie and was trading at 0.6537 and 0.7232, respectively. If the greenback falls further, 0.68 and 0.74 are possibly seen as its next support levels against the kiwi and the aussie, respectively.

In contrast, the greenback rebounded to 130.83 against the yen, from a low of 130.43 hit at 12 am ET. It has set a 4-week peak of 130.99 at 6 pm ET. On the upside, 132.00 is possibly seen as its next resistance level.

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