The U.S. dollar appreciated against its major counterparts in the European session on Monday, as U.S. Treasury yields rose on the growing prospects of additional fiscal stimulus in the wake of weak U.S. jobs data released last week.

The benchmark 10-year Treasury yields neared 1.20 percent.

Safe-haven bonds were sold off on the prospects for more stimulus, driving yields higher.

The U.S. economy added just 49,000 jobs in January, lower than the expected increase of 50,000 jobs.

The data strengthened the need for more fiscal support to shore up the economy.

Investors’ focus on the progress of the $1.9 trillion COVID-19 relief package, which is expected to be approved by lawmakers by this month.

No major economic data is scheduled today.

The greenback climbed to 1.3685 against the pound and 1.2023 against the euro, recovering from its previous 1-week low of 1.3741 and a 6-day low of 1.2054, respectively. If the greenback rises further, 1.34 and 1.18 are possibly seen as its next resistance levels against the pound and the euro, respectively.

Reversing from an early session’s low of 105.31 against the yen and a 5-day low of 0.8981 against the franc, the greenback edged higher to 105.67 and 0.9012, respectively. The greenback is likely to find resistance around 108.00 against the yen and 0.92 against the franc.

The greenback gained to 1.2782 versus the loonie, 0.7651 versus the aussie and 0.7183 versus the kiwi, rebounding from an early low of 1.2753, 10-day low of 0.7682 and a 4-day low of 0.7213, respectively. The greenback is seen finding resistance around 1.29 versus the loonie, 0.72 versus the aussie and 0.70 versus the kiwi.

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

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