The U.S. dollar depreciated against its major counterparts in the European session on Friday, as a slew of positive company updates helped offset concerns about a resurgence in U.S. Covid-19 cases.
Sentiment was also bolstered after U.S. regulators eased bank rules that will free up billions of capital.
Further, European Central Bank President Christine Lagarde said the worst of the coronavirus crisis may be over for the world, but the recovery will be restrained and incomplete.
Investors await personal income and spending data and University of Michigan’s final consumer sentiment index for more direction.
The U.S currency fell to 2-day lows of 0.9469 against the franc and 106.86 against the yen, from its early highs of 0.9491 and 107.24, respectively. The next possible support for the greenback is seen around 0.92 against the franc and 104.00 against the yen.
The greenback dropped to 1.1239 against the euro, after rising to 1.1205 at 3:15 am ET. The greenback is seen finding support around the 1.14 region.
Data from the Destatis showed that Germany’s import prices declined notably in May but the annual pace of fall slowed from April.
Import prices decreased 7 percent on a yearly basis in May, slower than the 7.4 percent drop seen in April.
The greenback weakened to a 2-day low of 0.6449 versus the kiwi and held steady thereafter. At yesterday’s close, the pair was valued at 0.6429.
The greenback hovered at a 2-day low of 0.6896 versus the aussie and held steady thereafter. The pair was worth 0.6887 at Thursday’s close.
In contrast, the greenback firmed to 1.2378 against the pound, setting a 4-day high. On the upside, 1.21 is possibly seen as the next resistance level for the greenback.
The greenback edged up to 1.3663 against the loonie, from an Asian session’s decline of 1.3628. If the greenback rises further, it may find resistance around the 1.38 level.
U.S. personal income and spending data for May and University of Michigan’s final consumer sentiment index for June are due in the New York session.