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Forex News: U.S. Dollar Higher As Virus Cases Surge

U.S. Dollar Higher As Virus Cases Surge

07/07/2020 - 06:43:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Tuesday amid safe-haven status, as a spike in coronavirus cases in some U.S. states and other parts of the world sparked concerns about the pace of economic recovery.

The United States reported more than 2.9 million new coronavirus cases on Monday, taking the total number of infections to 2,910,023.

The U.S. death toll from the virus climbed past 130,000, as per Johns Hopkins University's latest update on Monday.

The mayor of Miami-Dade County has ordered a rollback of some reopening measures as Florida continues to see a surge in Covid-19 cases.

The United States is still "knee-deep" in the first wave of the illnesses, having never gotten the case number as low as planned, U.S. health official Anthony Fauci said.

U.S. economic recovery may be "leveling off" as activity could be dampened amid a recent surge in coronavirus infections, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said in an interview to the Financial Times.

The greenback reversed from its early lows of 1.1333 against the euro, 1.2518 against the pound and 0.9410 against the franc, edging up to 1.1259, 1.2463 and 0.9453, respectively. The next possible resistance for the greenback is seen around 1.10 against the euro, 1.22 against the pound and 0.97 against the franc.

The greenback moved up to a 6-day high of 107.79 versus the yen, from a 1-week low of 107.25 seen in the Asian session. Should the greenback continues its rise, 110.00 is possibly seen as its next resistance level.

Data from the Ministry of Internal Affairs and Communications showed that Japan household spending tumbled 16.2 percent on year in May - coming in at 252,017 yen.

That missed expectations for a drop of 12.2 percent following the 11.1 percent decline in April.

The greenback appreciated to a 5-day high of 1.3589 against the loonie and a 4-day high of 0.6922 against the aussie, off its early low of 1.3525 and near a 4-week low of 0.6998, respectively. The greenback is seen finding resistance around 1.37 against the loonie and 0.65 against the aussie.

After falling to near a 4-week low of 0.6580 at 8:30 pm ET, the greenback turned higher against the kiwi and was trading at 0.6520. On the upside, 0.63 is possibly seen as the next resistance level for the greenback.

Looking ahead, Canada Ivey PMI for June is slated for release in the New York session.

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