U.S. Dollar Higher Amid Risk Aversion
(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Friday amid risk aversion, as U.S. stocks pulled back after weak consumer sentiment data.
Data from the University of Michigan showed that consumer sentiment deteriorated much more than previously estimated in the month of February.
The University of Michigan said its consumer sentiment index for February was downwardly revised to 64.7 from a preliminary reading of 67.8. Economists had expected the index to be unrevised.
Shares of UnitedHealth dropped following a report that the U.S. Department of Justice has launched an investigation into the company's Medicare billing practices in recent months.
Concerns over U.S. President Donald Trump's tariff threats also supported the safe-haven currency.
The greenback rose to 1.0449 against the euro, 1.2629 against the pound and 0.9004 against the franc, from an early 4-day low of 1.0505, more than 2-month low of 1.2678 and more than a 3-week low of 0.8971, respectively. The currency is poised to challenge resistance around 1.02 against the euro, 1.22 against the pound and 0.92 against the franc.
The greenback recovered to 0.6370 against the aussie and 0.5746 against the kiwi, from its early more than 2-month lows of 0.6408 and 0.5772, respectively. The greenback may face resistance around 0.61 against the aussie and 0.55 against the kiwi.
The greenback edged up to 1.4208 against the loonie. The greenback is likely to face resistance around the 1.44 level.
In contrast, the greenback declined to a 2-1/2-month low of 149.27 against the yen. If the currency falls further, it is likely to test support around the 146.00 region.
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