Forex Signals – Dollar tries to keep rally alive in a short market

SYDNEY (Reuters) – The U.S. dollar was trying to keep a rare rally together on Monday,Bears were caught out by a better payrolls report on Friday, which pushed Treasury yields higher into this week’s massive $112 billion debt sale. Yet the dollar still ended lower for the seventh week in a row.

Forex Signals – EUR/USD to Snap 2 Week Losing Streak

“Our portfolio has been positioned for a number of weeks now for a narrowly weaker USD as a consequence of the independent surge in COVID-19 infections in the U.S. that has opened up a decent gap in near-term economic performance, especially against Europe,” said analysts at JPMorgan (NYSE:JPM) in a note.

Forex Signals Dollar finds footing

The euro held at $1.773 on Monday, having hit a two-year high of $1.1915 last week, which now acts as major resistance. Support comes in around $1.1755 and $1.1694.

Turnover was light with Tokyo on a holiday and considerable uncertainty on whether U.S. policymakers can agree a new package of fiscal support for the virus-hit economy.

Pound Sterling to Euro Exchange Rate

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Sunday said they were open to restarting COVID-19 aid talks, after President Donald Trump took executive actions on unemployment benefits.

Against a basket of currencies, the dollar was a fraction firmer at 93.434 and just above a two-year trough.

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The dollar was a little steadier on the yen at 105.89, well above the recent low of 104.17 but facing stiff resistance at 106.46.

Introduction to Financial Markets

Investors were wary of a fresh flare up in Sino-U.S. tensions with trade talks scheduled for August 15 even as Washington imposed sanctions on senior Hong Kong and Chinese officials.

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Any breakdown in talks would tend to benefit the dollar, and the safe-haven Swiss franc, at the expense of the Japanese yen and commodity currencies such as the Australian dollar. – Forex Signals – Dollar tries to keep rally alive in a short market.

FOREX – U.S. Dollar Down Amid Improved