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Forex News: U.S. Dollar Lower On Recovery Hopes

U.S. Dollar Lower On Recovery Hopes

06/02/2020 - 06:57:00 (RTTNews)

(RTTNews) - The U.S. dollar depreciated against its most major counterparts in the European session on Tuesday, as investors pinned hopes on economic recovery after easing of restrictions across the globe.

Hopes for a global coronavirus recovery helped offset fears about U.S.-China tensions and political unrest in the U.S.

Overnight data showed that U.S. manufacturing activity improved in May after logging an 11-year low in the previous month.

Key economic reports due this week include ADP private payrolls data, ISM non-manufacturing PMI and U.S. jobs data for May.

The greenback declined to 1.2573 against the pound, its lowest level since May 1. If the greenback extends decline, 1.30 is possibly seen as its next support level.

Data from the Nationwide Building Society showed that U.K. house prices fell 1.7 percent month-on-month in May, in contrast to a 0.9 percent rise in April as the impact of the coronavirus pandemic filtered through the property market.

This was the biggest fall since February 2009. Economists had forecast a fall of 1 percent.

After rising to 1.1115 against the euro at 2:45 am ET, the greenback fell to a 2-1/2-month low of 1.1188. On the downside, 1.15 is possibly seen as the next support level for the greenback.

The greenback fell to more than a 2-month low of 0.9573 against the franc, compared to Monday's closing value of 0.9609. Further weakness in the currency may locate support around the 0.91 level.

Data from the Federal Statistical Office showed that Switzerland's retail sales declined at a faster rate in April, amid the Covid-19 outbreak.

Retail sales declined a working-day adjusted 19.9 percent year-on-year in April, following a 5.8 percent fall in March.

The greenback weakened to more than a 4-month low of 0.6869 against the aussie, 2-1/2-month low of 0.6318 against the kiwi and a 1-year low of 1.3493 against the loonie, off its early highs of 0.6775, 0.6263 and 1.3585, respectively. The greenback may challenge support around 0.70 against the aussie, 0.64 against the kiwi and 1.30 against the loonie, if it slides again.

In contrast, the greenback remained higher against the yen, with the pair trading at 107.77. Next immediate resistance for the greenback is likely seen around the 110.00 level.

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