Dollar Rides Safe-Haven Momentum, Set for Biggest Weekly Gain Since March By Investing.com

Dollar Rides Safe-Haven Momentum, Set for Biggest Weekly Gain Since March

ForexSep 25, 2020 02:33PM ET

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Dollar Rides Safe-Haven Momentum, Set for Biggest Weekly Gain Since March

By Yasin Ebrahim

Investing.com - The dollar rose to fresh two-month highs on Friday, and is set to close out the session with its biggest weekly increase since March, underpinned by safe-haven momentum amid weaker-than-expected economic data and ongoing worries about the economic fallout from a lack of further federal stimulus.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.05%, to 96.60.

The Commerce Department reported durable goods orders increased just 0.4% in August from the prior month, missing economists' forecasts of 1.5%. A deeper look into the details from the report, however, were more positive than the headline number suggests, though the pace of orders is unlikely to be sustained, Jefferies (NYSE:JEF) said.

"Sustaining this momentum beyond Q3, however, will be very difficult. The financing environment is very supportive, but low capacity utilization rates and election uncertainty are likely to weigh on capex, at least in the near-term. Businesses typically ramp up investment when utilization rates are tightening. That's clearly not the case today; capacity utilization is still historically low at 71.4%, which is down 6.4 ppts compared to last year," Jefferies said in a note.

Elsewhere, the dollar was also supported by weakness in the euro and the pound as a second wave of Covid-19 infection threatens further lockdowns in the EU and U.K.

EUR/USD fell 0.40%, to $1.1625, and GBPUSD fell 0.26%, to $1.2715.

"The US dollar is proving to be the market's preferred safe-haven currency as Europe is hit by a second wave of the virus. But political risks are likely to limit its appreciation potential," Commerzbank (DE:CBKG) said.

Others, however, suggest there is still more upside for the greenback. "We estimate there is some room left for the USD to move higher in the coming weeks as we look for certain retests, measured moves or Fibonacci levels to be reached. The rally in the USD this month is viewed as the start of a stretched short position washout and resolution of oversold momentum conditions," Bank of America (NYSE:BAC) Global Research said.

Dollar stands firm with Fed decision in focus By Reuters - Jul 28, 2021

By Tom Wilson LONDON (Reuters) - The dollar stood firm on Wednesday after being pinned down earlier, with investors holding off on placing major bets ahead of the outcome of a...

Dollar Edges Higher Ahead of Federal Reserve Statement By Investing.com - Jul 28, 2021

By Peter Nurse Investing.com - The dollar edged higher in early European trading Wednesday, but remained below recent highs amid caution ahead of the U.S. Federal Reserve's latest...

Dollar Up, Boosted by Plunge in Chinese Shares and Caution Ahead of Fed Decision By Investing.com - Jul 28, 2021 3

By Gina Lee Investing.com – The dollar was up, but remained below its recent highs, on Wednesday morning in Asia. Ripple effects from a crackdown in China and caution ahead of the...

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Silver Grey Sep 26, 2020 9:31PM ET

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Andrew carson Sep 26, 2020 8:05AM ET

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John Snoberger Sep 25, 2020 9:57PM ET

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Buy US dollar gold and silver coins...

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Dollar Rides Safe-Haven Momentum, Set for Biggest Weekly Gain Since March

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