U.S. Dollar Slides As Stimulus Bill Fails In Senate

The U.S. dollar declined against its major counterparts in the Asian session on Monday, as failure to advance the massive coronavirus stimulus bill through the U.S. Senate overnight dampened sentiment.

The stalemate came after Democrats refused to vote on the bill, saying the package has “many problems.”

Sunday’s vote was well short of the 60 votes needed to advance the bill in the 100-member chamber.

Senate Majority Leader Mitch McConnell lambasted Democrats, who voted against the bill, and announced that he would hold another vote later today.

Coronavirus fears escalated as the global death toll exceeded over 14,000 and the number of infected cases surged above 325,000.

Nearly one in three Americans were ordered to stay home as the U.S. became the third-largest number of confirmed cases, behind China and Italy, respectively.

New York implemented dramatic restrictions Sunday as the pandemic threatened to make the state one of the world’s biggest coronavirus hot spots.

The greenback declined to 109.67 against the yen, from a high of 111.25 hit at 6:30 pm ET. Versus the franc, it moved down to 0.9798. The greenback is seen finding support around 108.00 against the yen and 0.96 versus the franc.

The greenback dropped to 1.1714 against the pound and 1.0769 against the euro, after rising to 1.1530 and a 3-year high of 1.0636, respectively. Next key support for the greenback is seen around 1.26 against the pound and 1.10 against the euro.

The greenback retreated to 0.5808 against the aussie and 0.5689 against the kiwi, off its early high of 0.5700 and a 4-day high of 0.5586, respectively. If the greenback drops further, 0.64 and 0.68 are possibly seen as its next support levels against the aussie and the kiwi, respectively.

In contrast, the greenback was higher at 1.4470 against the loonie, up from a low of 1.4350 seen at 6:00 pm ET. Immediate resistance for the U.S. currency is seen around the 1.52 level.

Looking ahead, Canada wholesale sales for January are scheduled for release at 8:30 am ET.

Eurozone flash consumer sentiment index for March is set for release at 11:00 am ET.

The material has been provided by InstaForex Company – www.instaforex.com

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