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Forex News: U.S. Dollar Spikes Up As Virus Worries Intensify

U.S. Dollar Spikes Up As Virus Worries Intensify

10/26/2020 - 03:56:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major rivals in the Asian session on Monday amid safe-haven demand, as several Eurozone nations reimposed restrictions to contain a resurgence in coronavirus infections across the continent.

Spain has announced a state of emergency and imposed a national curfew from 11 p.m. to 6 a.m.

France registered a record daily rise in infections, while Italy announced new restrictions over the weekend, which shut down gyms, pools and movie theaters.

The United States has 60,789 new Covid-19 cases and 340 new deaths on Sunday, according to Johns Hopkins University.

Investors focused on the negotiations between lawmakers over more economic aid for the pandemic-stricken economy.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have stopped negotiating on the coronavirus stimulus package, with President Donald Trump accusing Pelosi of intentionally avoiding a deal before the election.

The greenback appreciated to a 5-day peak of 1.3001 versus the pound from Friday's closing value of 1.3040. If the greenback rises further, 1.25 is possibly seen as its next resistance level.

The greenback edged up to 1.1828 against the euro, from a low of 1.1859 hit at 6:00 pm ET. The greenback is seen finding resistance around the 1.15 level.

The USD/JPY pair hit 104.98, setting a 5-day high. Against the loonie, the greenback registered a 4-day high of 1.3175. Next key resistance for the greenback is seen around 107.5 against the yen and 1.35 against the loonie.

The greenback gained to 0.7103 against the aussie and 0.6672 against the kiwi, off its previous lows of 0.7142 and 0.6695, respectively. The greenback is poised to find resistance around 0.69 against the aussie and 0.64 against the kiwi.

The greenback reached as high as 0.9056 against its Swiss counterpart, compared to Friday's closing value of 0.9037. On the upside, 0.95 is possibly seen as its next resistance level.

Looking ahead, German Ifo business sentiment index for October is due in the European session.

In the New York session, U.S. new home sales for September are scheduled for release.

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