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Forex News: U.S. Dollar Falls On Improved Risk Sentiment

U.S. Dollar Falls On Improved Risk Sentiment

01/04/2021 - 07:00:00 (RTTNews)

(RTTNews) - The U.S. dollar depreciated against its major counterparts in the European session on Monday, as optimism about the roll out of coronavirus vaccines fueled hopes for global economic recovery.

The U.K. has began rolling out the coronavirus vaccine developed by AstraZeneca and the University of Oxford, with an 82-year-old Oxford-born dialysis patient becoming the first to receive the inoculation.

Strong PMI reports from the euro area and the U.K. further underpinned sentiment.

Investors await runoff elections in Georgia on Tuesday to determine which party takes control of the Senate.

The outcome will be crucial for the incoming Democratic President Joe Biden to push forward his legislative agenda.

The minutes from the Federal Reserve's December meeting is due on Wednesday that could offer fresh guidance on its asset purchases.

ISM manufacturing and service PMI figures, ADP private sector employment and nonfarm payrolls report are likely to grab attention during the week.

The greenback weakened to near a 10-month low of 102.71 against the yen and a 6-year low of 0.8790 against the franc, after climbing to 103.32 and 0.8846, respectively in early deals. The currency is likely to find support around 100.00 against the yen and 0.86 against the franc.

The greenback fell to 1.2301 against the euro, from a high of 1.2228 seen at 5:00 pm ET. Next key support for the greenback is seen around the 1.26 area.

Final data from IHS Markit showed that Eurozone manufacturing conditions improved to its highest level since May 2018 driven by stronger rises in output and new orders.

The manufacturing Purchasing Managers' Index rose to 55.2 in December from 53.8 in November. The reading was below the flash estimate of 55.5.

The U.S. currency dipped to near a 3-year low of 1.2665 against the loonie, following a high of 1.2736 set at 7:30 pm ET. Should the greenback drops further, it may face support around the 1.22 level.

The greenback reached as low as 0.7741 against the aussie and 0.7231 against the kiwi, down from its previous high of 0.7682 and a 4-day high of 0.7181, respectively. The greenback is poised to challenge support around 0.81 against the aussie and 0.74 against the kiwi.

The greenback remained lower against the pound, at near a 3-year low of 1.3704. The greenback is seen finding support around the 1.42 level.

U.S. construction spending for November will be out in the New York session.

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