U.S. Dollar Higher Amid Risk Aversion
22 February 2025 - 12:43AM
RTTF2
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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