The U.S. Dollar Starts the Week on the Back foot

The USD was decreased in Asian markets on Monday, with analysts looking at expected worldwide economic results, and US corporate profits, to determine whether there is any basis for the market’s optimism.

In the early Monday market, the dollar index major currencies declined by 0.2% to 96,452.

Coronavirus reports for the US are surging over the weekend, with more than 15k additional new cases recorded across every state in Florida in 24 hours. It exceeded the highest count of cases in New York, which recorded in April.

Expert’s Views:

Yukio Ishizuki, a senior currency strategist at Daiwa Securities, said that

Hopes for the production of medicines and disease vaccinations are also promoting risk sentiment, as there are economic measures that have so far demonstrated progress from lockdowns.

Masafumi Yamamoto, the chief currency strategist at Mizuho Securities, said,

A weekly measure of customer trust in Australia has fallen after an increase in cases in Melbourne. It may happen in the United States, where the severity of the epidemic is far higher, he observed.

Other currency Value:

The U.S. corporate earnings season will begin next week, offering another opportunity to determine the extent of the devastation and rehabilitation from this pandemic.

China will announce its June trade statistics and a bunch of other numbers, including GDP for the second quarte.

• In early trade, the Chinese yuan stood flat at 7,0068 per dollar.
• The euro exchanged at $1.1314, sustaining a steady increase since late last month.