U.S. Dollar Slides As Stimulus Bill Fails In Senate
March 22 2020 - 11:48PM
RTTF2
The U.S. dollar declined against its major counterparts in the
Asian session on Monday, as failure to advance the massive
coronavirus stimulus bill through the U.S. Senate overnight
dampened sentiment.
The stalemate came after Democrats refused to vote on the bill,
saying the package has "many problems."
Sunday's vote was well short of the 60 votes needed to advance
the bill in the 100-member chamber.
Senate Majority Leader Mitch McConnell lambasted Democrats, who
voted against the bill, and announced that he would hold another
vote later today.
Coronavirus fears escalated as the global death toll exceeded
over 14,000 and the number of infected cases surged above
325,000.
Nearly one in three Americans were ordered to stay home as the
U.S. became the third-largest number of confirmed cases, behind
China and Italy, respectively.
New York implemented dramatic restrictions Sunday as the
pandemic threatened to make the state one of the world's biggest
coronavirus hot spots.
The greenback declined to 109.67 against the yen, from a high of
111.25 hit at 6:30 pm ET. Versus the franc, it moved down to
0.9798. The greenback is seen finding support around 108.00 against
the yen and 0.96 versus the franc.
The greenback dropped to 1.1714 against the pound and 1.0769
against the euro, after rising to 1.1530 and a 3-year high of
1.0636, respectively. Next key support for the greenback is seen
around 1.26 against the pound and 1.10 against the euro.
The greenback retreated to 0.5808 against the aussie and 0.5689
against the kiwi, off its early high of 0.5700 and a 4-day high of
0.5586, respectively. If the greenback drops further, 0.64 and 0.68
are possibly seen as its next support levels against the aussie and
the kiwi, respectively.
In contrast, the greenback was higher at 1.4470 against the
loonie, up from a low of 1.4350 seen at 6:00 pm ET. Immediate
resistance for the U.S. currency is seen around the 1.52 level.
Looking ahead, Canada wholesale sales for January are scheduled
for release at 8:30 am ET.
Eurozone flash consumer sentiment index for March is set for
release at 11:00 am ET.
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