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Forex News: U.S. Dollar Higher Amid Rising Treasury Yields

U.S. Dollar Higher Amid Rising Treasury Yields

01/03/2022 - 11:06:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the New York session on Monday, amid safe-haven demand due to a spike in coronavirus cases across the globe as well as on elevated treasury yields.

In the U.S., the seven-day rolling average of Covid cases crossed 400,000 on Sunday due to the rapid spread of the Omicron variant.

U.S. President Joe Biden's chief medical adviser Anthony Fauci said on Sunday that the "really unprecedented" spike in cases could cause serious illness in many unvaccinated Americans.

Key U.S. economic data due this week include ADP private payrolls, jobs report, factory orders and ISM's manufacturing and non-manufacturing PMIs.

The Federal Reserve will publish the minutes from the December meeting on Wednesday, which could offer more clues on the timing of the first rate.

The greenback touched 4-day highs of 1.1300 against the euro and 1.2761 against the loonie, up from its early lows of 1.1384 and 1.2630, respectively. The greenback is likely to find resistance around 1.12 against the euro and 1.30 against the loonie.

The greenback rebounded from its previous lows of 1.3535 against the pound and 0.9105 against the franc, hitting 5-day highs of 1.3452 and 0.918, respectively. If the greenback extends rise, 1.31 and 0.93 are possibly seen as its next resistance levels against the pound and the franc, respectively.

The greenback jumped to near 2-week highs of 0.7188 against the aussie and 0.6777 against the kiwi, off its prior low of 1.1384 and a 4-day low of 0.6857, respectively. The greenback may target resistance around 0.70 against the aussie and 0.66 against the kiwi.

The greenback climbed to 115.37 against the yen, its highest level since November 25. This followed a 4-day low of 114.95 hit at 8:15 am ET. On the upside, 118.00 is possibly seen as its next resistance level.

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