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Forex News: U.S. Dollar Falls On Growing Virus Fears

U.S. Dollar Falls On Growing Virus Fears

06/22/2020 - 04:14:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major counterparts in the Asian session on Monday, as an uptick in Covid-19 cases in the U.S. intensified concerns over global economic growth.

The U.S. reported more than 30,000 new infections on Friday and Saturday - the highest daily totals since May 1.

Apple temporarily shut 11 U.S. stores, dashing hopes for a quick economic recovery.

Federal Reserve officials signaled caution on Friday, saying that the unemployment rate could rise again if the disease is not brought under control.

In separate events, Boston Fed President Eric Rosengren and Minneapolis Fed President Neel Kashkari said that spiraling coronavirus cases would result in higher unemployment and scupper quick economic recovery from the novel coronavirus epidemic.

Fed Chair Jerome Powell warned that the U.S. economic recovery would not be fast or smooth and the path ahead would be challenging.

The greenback dropped to 1.2401 against the pound, from a 3-week high of 1.2335 hit at 8:00 pm ET. If the greenback weakens further, 1.27 is possibly seen as its next support level. The greenback fell to 1.1207 against the euro, after climbing to a session's high of 1.1168 at 7:15 pm ET. The greenback is seen finding support around the 1.14 region.

Reversing from a high of 0.9527 seen at 6:00 pm ET, the greenback edged down to 0.9506 against the franc. The greenback may challenge support around the 0.94 mark.

The greenback weakened to 0.6884 against the aussie, 0.6448 against the kiwi and 1.3566 against the loonie, from its early 1-week highs of 0.6808, 0.6383 and 1.3630, respectively. The next possible support for the greenback is seen around 0.70 against the aussie, 0.66 against the kiwi and 1.33 against the loonie.

In contrast, the greenback recovered to 107.01 against the yen, from a 4-day low of 106.74 seen earlier in the session. On the upside, resistance is likely seen near the 108.00 level.

Looking ahead, U.S. existing home sales for May are due at 10:00 am ET.

Simultaneously, Eurozone consumer sentiment for June will be featured.

For comments and feedback: contact editorial@rttnews.com

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