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U.S. Dollar Climbs Amid Middle East Tensions

The U.S. dollar was higher in the European session on Monday, as geopolitical tensions in the Middle East heightened following Hamas’ violent attack on Israel over the weekend.

Over 1,100 people have been killed in Israel and Gaza, following the deadly attack on Israel.

Iran denied any direct involvement in the attack but backed Hamas’s actions as an act of self-defense.

Israeli military said it targeted over 800 locations of Hamas in Gaza since the beginning of the escalation.

The conflict prompted investors to seek safe-haven assets such as gold and the dollar.

The greenback rose to 1.0519 against the euro, 1.2163 against the pound and 0.9123 against the franc, reversing from its early lows of 1.0574, 1.2224 and 0.9079, respectively. The currency is seen facing resistance around 1.03 against the euro, 1.19 against the pound and 0.92 against the franc.

The greenback edged up to 0.6342 against the aussie and 0.5960 against the kiwi, following its previous lows of 0.6381 and 0.5988, respectively. The currency may challenge resistance around 0.62 against the aussie and 0.56 against the kiwi.

The greenback was trading at 1.3665 against the loonie, up 0.01% on the day. On the upside, 1.38 is possibly seen as its next resistance level.

The greenback ticked up to 149.24 against the yen in the previous session, but it has since eased to 149.08. The pair had closed Friday’s deals at 149.23.

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