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Forex News: U.S. Dollar Rebounds From Previous Sell-off

U.S. Dollar Rebounds From Previous Sell-off

12/30/2021 - 03:07:00 (RTTNews)

(RTTNews) - After declining in early Asian trades, the U.S. dollar reversed its direction and moved higher against its major counterparts in subsequent deals on Thursday.

The sell-off in the dollar was due to easing fears over a widespread lockdown, even as Omicron cases surged across the globe.

Even though the Omicron variant is much more infectious than the Delta version, several reports suggested that it is less severe.

Data from Johns Hopkins University showed that global infections exceeded 284 million, while the deaths surpassed 5.44 million.

Oil prices rose following an official data showing a decline in U.S. crude inventories last week.

Trading volumes were thin as the year-end holidays approached.

The U.S. Department of Labor will release initial jobless claims for the week ended December 24 at 8:30 am ET.

The greenback advanced to 1.1315 against the euro and 1.3469 against the pound, following its early low of 1.1360 and a 1-1/2-month low of 1.3505, respectively. The greenback may locate resistance around 1.10 against the euro and 1.32 against the pound.

The greenback jumped to near a 5-week high of 115.21 against the yen from yesterday's close of 114.94. On the upside, 118.00 is possibly found as its next resistance level.

Reversing from an early low of 0.9137, the greenback rose to 0.9171 against the franc. If the greenback rises further, 0.94 is likely seen as its next resistance level.

The greenback bounced off to 0.7244 against the aussie, 0.6819 against the kiwi and 1.2811 against the loonie, off its prior low of 0.7267, fresh 4-week low of 0.6849 and near a 2-week low of 1.2770, respectively. The greenback is seen finding resistance around 0.70 against the aussie, 0.66 against the kiwi and 1.30 against the loonie.

Looking ahead, Swiss KOF leading indicator for December is due in the European session.

U.S. weekly jobless claims for the week ended December 24 will be out in the New York session.

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