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Forex News: U.S. Dollar Higher On China Sanction Worries

U.S. Dollar Higher On China Sanction Worries

08/10/2020 - 06:42:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major counterparts in the European session on Monday, as China imposed sanctions against U.S. officials in retaliation to the Trump administration's decision to sanction Chinese officials over Hong Kong-related issues.

China's Foreign Ministry announced that it will sanction 11 Americans, including senators Marco Rubio and Ted Cruz, blaming that the U.S. move violated international law.

Rising tensions between Washington and Beijing revived concerns that their trade deal could be at jeopardy.

As talks stalled, U.S. President Donald Trump signed executive orders aimed at extending coronavirus relief to Americans.

Democratic leaders, however, said that the new executive orders circumventing deadlocked congressional negotiations are far from adequate to meet the scope of the crises facing the United States.

The U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin said on Sunday they were open to restarting stimulus talks.

The greenback appreciated to 6-day highs of 0.9166 against the franc and 1.1752 versus the euro, after falling to 0.9118 and 1.1801, respectively in early deals. The greenback may possibly challenge resistance around 0.94 against the franc and 1.16 versus the euro.

The greenback rose to a 1-week high of 0.6583 against the kiwi, from an Asian session's low of 0.6612. If the greenback rises further, it may likely seek resistance around the 0.63 level.

The U.S. currency recovered to 1.3395 against the loonie and 0.7147 against the aussie, off its early lows of 1.3367 and 0.7173, respectively. The currency is likely to face resistance around 1.37 against the loonie and 0.67 against the aussie.

Reversing from a low of 105.72 seen at 9:15 pm ET, the greenback edged higher to 106.05 versus the yen. On the upside, 108 is possibly seen as the next resistance level for the greenback.

The greenback bounced off to 1.3043 against the pound, from a low of 1.3086 set at 5:15 am ET. Next key resistance for the greenback is seen around the 1.28 level.

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