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Forex News: U.S. Dollar Strengthens On Coronavirus Contagion Fears

U.S. Dollar Strengthens On Coronavirus Contagion Fears

02/24/2020 - 03:16:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major counterparts in the Asian session on Monday, as a rise in the number of coronavirus cases in the north of Italy raised the appeal of safe-haven assets.

Australia halted all rail traffic to and from Italy for several hours after suspicion that a train at its southern border with Italy had two passengers possibly infected with the virus on board.

Also, China's deadly novel coronavirus outbreak is spreading further in Asia, raising concerns about the prospect of a global pandemic and denting demand for riskier assets.

The total number of virus cases in China climbed past 77,000, while Seoul reported 161 additional virus cases, bringing the total to 763 and the death toll to seven.

The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned on Sunday, as G20 financial chiefs voiced "real concern" over its economic ripple effects.

The greenback reached as high as 1.2934 against the pound, up from last week's closing value of 1.2954. The next possible resistance for the greenback is seen around the 1.28 level.

The greenback bounced off to 1.0812 against the euro, from a low of 1.0842 seen at 7:15 pm ET. On the upside, 1.06 is likely seen as the next resistance level for the greenback.

The greenback edged up to 0.9816 against the Swiss franc, from Friday's closing quote of 0.9780. If the greenback rises further, 1.00 is found as its next resistance level.

After falling to a 4-day low of 111.22 against the yen at 5:00 pm ET, the greenback recovered to 111.68 and held steady thereafter. Next key resistance for the greenback is likely seen around the 114.00 level.

The greenback gained to 1.3284 against the loonie, its biggest since February 12. The greenback is seen finding resistance around the 1.34 level.

The greenback was up against the kiwi with pair trading at 0.6311. The greenback is poised to test resistance around the 0.62 level.

The greenback rose back against the aussie, not far from near an 11-year peak of 0.6585 set earlier in the session. Immediate resistance for the greenback is seen around the 0.63 level.

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

At 8:30 am ET, Canada wholesale sales for December are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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