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Forex News: U.S. Dollar, Japanese Yen Strengthen On Global Growth

U.S. Dollar, Japanese Yen Strengthen On Global Growth Concerns

07/19/2021 - 08:01:00 (RTTNews)

(RTTNews) - The U.S. dollar and the Japanese yen climbed against their major counterparts in the European session on Monday amid risk aversion, as a surge in coronavirus infections in many countries triggered worries about a slowdown in global economic growth.

United States surgeon general Vivek Murthy cautioned that most coronavirus-related deaths are among the unvaccinated people.

His comments came as U.S. infections soared 70 percent over the last week and deaths rose 26 percent amid a resurgence of the virus in parts of the country with low vaccination rates.

The U.K. reported 48,161 new cases on Sunday, with worries about the continued spread of the Delta variant offsetting reopening optimism.

Oil prices declined after OPEC and its allies had reached a deal to lift output from August to support a global economic recovery from crisis.

Japan's government retained its economic assessment for the second straight month in July, according to the monthly report released by the Cabinet Office.

The Japanese economy showed weakness in some components further, although it remains in picking up in a severe situation due to the Novel Coronavirus.

The yen advanced to more than a 5-month high of 80.65 against the aussie, 10-day highs of 76.30 against the kiwi and 109.70 against the greenback, off its early lows of 81.47, 77.08 and 110.10, respectively. The next possible resistance for the yen is seen around 78.00 against the aussie, 74.00 against the kiwi and 108 against the greenback.

Reversing from its prior lows of 129.97 against the euro and 119.70 against the franc, the yen rose to a 3-1/2-month high of 129.09 and near a 2-week high of 119.01, respectively. If the yen climbs further, 126 and 116.00 are likely seen as its next resistance levels against the euro and the franc, respectively.

The yen firmed to near 3-month highs of 150.33 against the pound and 85.68 against the loonie, after falling to 151.57 and 87.28, respectively in early deals. The yen is seen finding resistance around 145.00 against the pound and 84.00 against the loonie.

The greenback spiked up to near a 2-week high of 0.9222 against the franc, 3-1/2-month high of 1.1765 against the euro and more than a 3-month high of 1.3700 against the pound, from its prior lows of 0.9184, 1.1814 and 1.3774, respectively. Next key resistance for the dollar is seen around 0.94 against the franc, 1.15 against the euro and 1.34 against the pound.

The greenback rebounded from its early lows of 1.2603 against the loonie, 0.7403 against the aussie and 0.7004 against the kiwi, climbing to a 5-1/2-month high of 1.2808, 7-1/2-month high of 0.7344 and a 5-day high of 0.6945, respectively. The greenback is poised to challenge resistance around 1.32 against the loonie, 0.70 against the aussie and 0.68 against the kiwi.

Looking ahead, U.S. NAHB housing market index for July is scheduled for release in the New York session.

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