U.S. Dollar Lower On Recovery Hopes
02 Giugno 2020 - 8:57AM
RTTF2
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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