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U.S. Dollar higher as virus cases increase

EURUSD News by Newsroom on 12:28 July 07, 2020 EST

The U.S. dollar strengthened against its major counterparts in the European session on Tuesday amid safe-haven status, as a spike in coronavirus cases in some U.S. states and other parts of the world sparked concerns about the pace of economic recovery.

The United States reported more than 2.9 million new coronavirus cases on Monday, taking the total number of infections to 2,910,023.

The U.S. death toll from the virus climbed past 130,000, as per Johns Hopkins University’s latest update on Monday.

The mayor of Miami-Dade County has ordered a rollback of some reopening measures as Florida continues to see a surge in Covid-19 cases.

The United States is still “knee-deep” in the first wave of the illnesses, having never gotten the case number as low as planned, U.S. health official Anthony Fauci said.

U.S. economic recovery may be “leveling off” as activity could be dampened amid a recent surge in coronavirus infections, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, said in an interview to the Financial Times.

The greenback reversed from its early lows of 1.1333 against the euro, 1.2518 against the pound and 0.9410 against the franc, edging up to 1.1259, 1.2463 and 0.9453, respectively. The next possible resistance for the greenback is seen around 1.10 against the euro, 1.22 against the pound and 0.97 against the franc.