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Forex News: U.S. Dollar Higher Amid Virus Fears

U.S. Dollar Higher Amid Virus Fears

11/19/2020 - 06:21:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major opponents in the European session on Thursday, as investors fear that rising Covid-19 cases and mounting shutdowns will slow the economy.

New York City public schools are closing and returning to remote learning for all 1.1 million students, signaling that a second wave of the coronavirus has arrived.

Minnesota Gov. Tim Walz announced a month-long stop to social gatherings, gyms and indoor service at bars and restaurants as the virus spread spiked to a record high.

U.S. land borders with Canada and Mexico are expected to remain closed to non-essential travel until Dec. 21 amid a rising number of U.S. coronavirus cases.

The drag from new U.S. restrictions was amplified by the total lack of progress on a fiscal stimulus bill, with New York Federal Williams warning that a loss of fiscal support could slow economy in the coming months.

Speculation is now rife that that the Federal Reserve would expand its asset-buying campaign at a December policy meeting.

The greenback advanced to a 2-day high of 1.3224 against the pound, compared to 1.3267 hit late New York Wednesday. On the upside, 1.28 is possibly seen as its next resistance level.

The greenback appreciated to a 3-day high of 1.1816 against the euro from Wednesday's closing value of 1.1852. If the greenback climbs further, 1.16 is likely seen as its next resistance level.

The greenback bounced off from an early low of 103.71 against the yen, with the pair trading at 104.18. The next possible resistance for the greenback is seen around the 106.00 level.

The USD/CHF pair hit a 3-day high of 0.9140, compared to yesterday's closing value of 0.9109. The greenback is seen finding resistance around the 0.94 area.

The greenback spiked up to a 6-day high of 0.7255 against the aussie and a 3-day high of 1.3123 against the loonie, after falling to 0.7306 and 1.3074, respectively in early deals. The greenback is likely to find resistance around 0.69 against the aussie and 1.34 against the loonie.

The greenback rose to 0.6879 against the kiwi, up from a low of 0.6924 hit at 6:00 pm ET. Next key resistance for the greenback is seen around the 0.66 region.

The U.S. weekly jobless claims for the week ended November 14 and and existing home sales for October will be featured in the New York session.

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