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Forex News: U.S. Dollar Strengthens On US-China Trade Concerns

U.S. Dollar Strengthens On US-China Trade Concerns

05/04/2020 - 03:36:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its most major counterparts in the Asian session on Monday, as US-China tensions intensified after US President Donald Trump and Secretary of State Mike Pompeo accused the Chinese government for the spread of the coronavirus and threatened to retaliate against China.

Trump on Friday reiterated that U.S. could impose new tariffs on China over its handling of the virus outbreak as deaths mount.

Trump administration is considering several plans to retaliate for the spread of the coronavirus out of Wuhan, China.

Secretary of State Mike Pompeo said on Sunday that there was evidence linking China to the contagion.

According to a four-page Department of Homeland Security report, U.S. officials believe China covered up the extent of the coronavirus outbreak so it would have time to hoard medical supplies.

Risk sentiment dampened on rising US-China tensions, sending the dollar higher.

The greenback appreciated to a 5-day high of 1.2424 against the pound and a 4-day high of 1.0925 against the euro, after falling to 1.2487 and 1.0974, respectively in early deals. The next possible resistance for the greenback is seen around 1.22 against the pound and 1.08 against the euro.

The greenback edged higher to 0.9650 against the franc, from a low of 0.9616 hit at pm ET. The greenback is poised to find resistance around the 0.98 level.

The greenback climbed to a 10-day high of 0.6373 versus the aussie, 6-day high of 0.6008 versus the kiwi and near a 2-week high of 1.4153 versus the loonie and held steady thereafter. The greenback is seen finding resistance around 0.615 versus the aussie, 0.56 versus the kiwi and 1.46 versus the loonie.

In contrast, the greenback was down against the yen, at 106.67. Further fall in the currency may challenge support around the 104.00 level.

Looking ahead, PMI reports from major European economies and Eurozone Sentix investor confidence index for May are due in the European session.

U.S. factory orders data for March is set for release in the New York session.

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