U.S. Dollar Higher Amid Coronavirus Fears
03 Avril 2020 - 12:14PM
RTTF2
The U.S. dollar firmed against its major counterparts in the
European session on Friday, as investors sought safe-haven assets
following grim Eurozone business survey, as well as continued
COVID-19 concerns after virus cases exceeded one million.
The IHS Markit eurozone services purchasing managers index
slumped to a reading of 26.4 in March from 52.6 in February, the
worst-ever reading in the history of the series, as the covid-19
pandemic and associated measures taken to contain the outbreak
through Europe weighed heavily on business performance.
The number of confirmed coronavirus cases crossed the 1 million
mark globally with a death toll of 53,030, according to the new
tally from Johns Hopkins University.
Around 1,015,403 people have been diagnosed with the novel
coronavirus across the world.
Investors didn't react to the disappointing U.S. jobs data for
March.
Data from the Labor Department showed that the U.S. employment
fell much more than expected in the month of March.
The report said employment plunged by 701,000 jobs in March
after jumping by an upwardly revised 275,000 jobs in February.
Economists had expected employment to slump by 100,000 jobs
compared to the addition of 273,000 jobs originally reported for
the previous month.
With the much bigger than expected drop in employment, the
unemployment rate surged up to 4.4 percent in March from 3.5
percent in February. The unemployment rate had been expected to
climb to 3.8 percent.
The currency rose in the Asian session as the rapid rise in the
coronavirus cases world-wide dampened risk sentiment.
The greenback advanced to a 3-day high of 1.2243 against the
pound from yesterday's closing value of 1.2392. The greenback is
seen finding resistance around the 1.21 mark.
Survey data from IHS Markit and Chartered Institute of
Procurement & Supply showed that the UK service sector
registered its steepest downturn in more than two decades in March
due to business shutdowns and order cancellation in response to the
coronavirus, or covid-19, pandemic.
The services Purchasing Managers' Index fell to 34.5 in March
from 53.2 in February. This was also below the flash reading of
35.7
The greenback approached 1.0775 against the euro, its strongest
since March 25. The pair had closed Thursday's deals at 1.0855.
Next key resistance for the greenback is likely seen around the
1.05 level.
Final data from IHS Markit showed that the euro area private
sector logged its biggest monthly fall on record in March as the
coronavirus disease, or covid-19, pandemic impacted heavily on
economic activity.
The final composite output index fell sharply to 29.7 in March
from 51.6 in February. This was also weaker than the flash estimate
of 31.4.
The greenback was up against the yen at a 3-day high of 108.68.
The pair was worth 107.86 when it ended deals on Thursday. The
greenback is likely to face resistance around the 110.00 region, if
it gains again.
The latest survey from Jibun Bank showed that Japanese services
sector continued to contract in March, and at a much steeper rate,
with a services PMI score of 33.8.
That's down sharply from 46.8 in February, and it moves further
beneath the boom-or-bust line of 50 that separates expansion from
contraction.
The greenback climbed the most since March 25 against the franc,
at 0.9796. At Thursday's close, the pair was valued at 0.9734.
Should the greenback strengthens further, it is likely to test
resistance around the 1.00 region.
The greenback moved up to 8-day highs of 0.5843 against the kiwi
and 0.5980 against the aussie, from Thursday's closing values of
0.5913 and 0.6058, respectively. The greenback is poised to
challenge resistance around 0.58 against the kiwi and 0.55 against
the aussie.
In contrast, the greenback pared gains to 1.4123 against the
loonie, from a high of 1.4224 hit at 6:15 am ET. The greenback was
trading at 1.4136 per loonie at yesterday's close. The greenback
may seek support around the 1.33 region.
US Dollar vs CHF (FX:USDCHF)
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