logo
  

U.S. Dollar Spikes Up Amid China COVID Concerns

The U.S. dollar appreciated against its major counterparts on Monday, as rising virus cases in China and fresh restrictions triggered risk aversion.

Investors are worried about further lockdowns in China after Beijing reported three Covid-19 deaths over the weekend.

Chinese authorities told residents in Beijing's most populous district to remain at home to contain the Covid-19 outbreak and the country's southern metropolis of Guangzhou has been placed under a lockdown for five days.

Investors awaited the minutes of the Federal Reserve's latest policy meeting for more signals on the rate outlook.

The dollar index that tracks the greenback against a basket of other currencies reached a 10-day high of 107.60.

The greenback touched 1.3426 against the loonie, its highest level in nearly two weeks. If the greenback rises further, 1.36 is seen as its next resistance level.

The greenback was up at 1.1807 against the pound. On the upside, 1.15 is possibly seen as its next resistance level.

The greenback edged up to 0.6120 against the kiwi, from a low of 0.6169 set at 6:50 pm ET. Next key resistance for the greenback is possibly located near the 0.59 level.

The greenback appreciated to 10-day highs of 0.9575 against the franc and 140.99 against the yen, off its early lows of 0.9530 and 140.16, respectively. The next possible resistance for the greenback is seen around 0.99 against the franc and 145.00 against the yen.

The greenback firmed to 10-day highs of 1.0250 against the euro and 0.6632 against the aussie, after falling to 1.0333 and 0.6684, respectively in early trades. The greenback is likely to target resistance around 0.99 against the euro and 0.63 against the aussie.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Consumer Product Safety Commission or CPSC announced recall of thousands of children's Robes made in China and sold exclusively on Amazon.com by various companies. The recalled robes fail to meet the federal flammability standards for children's sleepwear, posing a risk of burn injuries to children. Further, citing the same concerns, Paper Cape children's pajamas manufactured in Peru ... Health services company Cigna Corp. reported Friday higher profit in its fourth quarter reflecting growth in both Evernorth and Cigna Healthcare segments. Adjusted earnings and topline beat market estimates. Looking ahead for fiscal 2023, the company projects adjusted earnings and adjusted revenues to be higher than last year, but below market view. French drug major Sanofi SA reported Friday higher profit in its fourth quarter with strong revenue growth mainly with strong sales of Dupixent. Looking ahead for fiscal 2023, the company projects higher business earnings, but the expected growth is slower than recorded in fiscal 2022. Sanofi shares were losing around 4 percent in the morning trading in Paris as well as in pre-market activity...
Follow RTT