Dollar Continues to Strengthen, Supported by Optimism of U.S. Macroeconomic Data
Dollar traded higher against other
major currencies on Friday at Asian market, driven by the optimism of the US
macroeconomic data released last night.
Greenback (US dollars) was also
driven by increasing concern from the number of coronavirus new cases spread.
This is making the economic recovery slowing down by bringing the market demand
for safe-haven currency.
This morning, US Dollar index rose
0.2% and settled at 97.293. In addition, EUR/USD dropped 0.1% to 1.1239.
GBP/USD drops 0.1% to 1.2410. While USD/JPY rose 0.1% to 107.15.
Signs of a sharp surge in Covid-19
cases from many states in the US making traders seeking for greenback certainty,
amid worries for second wave of infection that could trigger the economic lockdown.
The states of New York, New Jersey,
and Connecticut have decided that visitors from countries with high infection
rate should be self-isolated for 14 days.
The US Unemployment Data Claim for
the week ended 21 June expected to be 1.3 million. Meanwhile, ongoing
unemployment claims are estimated to drop 19.9 million. These figures will represent
economic progress, but unemployment number is still in the highest position.
In another place, USD/CAD rose 0.1%
to 1.3649. After Fitch lowered Canada's long-term foreign currency debt rating
to AA+ from AAA, the first treble-rated country to lose their prestigious value
from the beginning of the Covid-19 outbreak.
still Strengthening amid Lockdown Threat from Second Wave Outbreak
U.S. crude oil prices still continue
to pass on Friday's Asian market trade, amid threats from the economic lockdown
that suppress demand for oil.
On New York Mercantile Exchange,
crude oil futures rose 1.87% to $38.72 per barrel. Meanwhile, in London's
Intercontinental Exchange, Brent added 1.8% of its profit to $41.05 per barrel.
Oil rebound from the previous
session's lowest position. This happened when investors continued to assess the
increasing impact of the Covid-19 case, which forced some parts of the US to
reduce the steps of re-opening the economy. The new infection reached 38,115
this week, the highest number since the pandemic began.
However, oil prices slightly changed
towards this week last day of trading after this whole week decline. This
happens because the surge in production are pushing supplies to the highest record.
The Energy Information
Administration reported an increase of 1.4 million barrels in US crude oil
stock, which became the highest number of 541 million barrels of all time.