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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.

Oil Prices 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.