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Forex News: U.S. Dollar Falls Amid Vaccine Hopes, Strong China

U.S. Dollar Falls Amid Vaccine Hopes, Strong China Data

11/30/2020 - 04:51:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its most major counterparts in early European deals on Tuesday, as optimism about vaccine developments and encouraging data from China helped offset concerns over a spike in virus cases around the world.

Data from the National Bureau of Statistics showed that China's factory activity expanded at the fastest pace in more than three years in November.

The manufacturing PMI rose to 52.1, beating expectations of 51.5 and up from 51.4 in October.

Investors await testimony by U.S. Federal Reserve Chairman Jerome Powell on Tuesday for clues on further stimulus measures at its next meeting in December.

This week's key U.S. economic data includes ISM manufacturing index due on Tuesday and ADP private payrolls data due on Wednesday. Thursday features weekly jobless claims and ISM non- manufacturing index. All important nonfarm payrolls due on Friday could support hopes of a slowdown in the U.S. recovery amid pandemic shutdowns.

The greenback edged down to 1.3358 against the pound from Friday's closing value of 1.3305. The greenback is seen locating support around the 1.37 region.

The greenback fell to 1.1984 against the euro, its lowest level since September 1. If the greenback slides further, it may find support around the 1.22 level.

The greenback depreciated to a 3-week low of 0.9019 against the franc from last week's closing value of 0.9044. The next possible support for the greenback is seen around the 0.88 level.

The greenback reached as low as 1.2973 against the loonie, down from a high of 1.2995 seen at 5:00 pm ET. The greenback may face support around the 1.25 region, if it falls again.

In contrast, the greenback spiked up to a 4-day high of 104.35 versus the yen, after falling to a 1-week low of 103.83 at 8:00 pm ET. Further rise in the greenback may face resistance around the 108.00 area.

Reversing from an early 3-month low of 0.7408 against the aussie and a 2-1/2-year low of 0.7047 against the kiwi, the greenback rose to 0.7370 and 0.7018, respectively. The greenback may locate resistance around 0.70 against the aussie and 0.68 against the kiwi.

Looking ahead, at 8.00 am ET, Destatis is scheduled to issue Germany's flash consumer prices for November.

U.S. pending home sales and Canada building permits for October are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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