U.S. Dollar Climbs On N.Korean Response To Trump's Cancellation Of Summit
25 May 2018 - 7:59PM
RTTF2
The U.S. dollar advanced against its most major rivals in the
early New York session on Friday, as investors took a breather from
Pyongyang's measured response to the cancellation of the summit by
U.S. President Trump.
North Korea responded by saying they remain open to talks, with
Vice Foreign Minister Kim Kye Gwan saying Pyongyang hoped for a
"Trump-style solution" to the standoff over its nuclear weapons
program.
Trump subsequently said in a post on Twitter, "Very good news to
receive the warm and productive statement from North Korea."
"We will soon see where it will lead, hopefully to long and
enduring prosperity and peace. Only time (and talent) will tell!"
he added.
Data from the Commerce Department showed a bigger than expected
decrease in new orders for U.S. manufactured durable goods in the
month of April.
Durable goods orders slumped by 1.7 percent in April after
spiking by an upwardly revised 2.7 percent in March.
At 10:00 am ET, the University of Michigan is due to release its
revised reading on consumer sentiment in the month of May. The
consumer sentiment index is expected to be unrevised at 98.8.
The greenback rose to 0.9937 against the franc, from a low of
0.9903 seen at 5:45 pm ET. The greenback is likely to find
resistance around the 1.01 level.
The greenback climbed to a 6-month high of 1.1662 against the
euro, after having fallen to 1.1734 at 6:30 am ET. The greenback is
poised to challenge resistance around the 1.14 level.
Survey data from Ifo Institute showed that Germany's business
confidence remained stable in May.
The business climate index came in at 102.2 in May, unchanged
from April. The score was seen at 102.
The greenback advanced to a 2-day high of 1.3322 against the
pound, reversing from a low of 1.3388 hit at 6:15 pm ET. Next key
resistance for the greenback is likely seen around the 1.31
level.
Second estimate from the Office for National Statistics showed
that the UK economy expanded at a weaker pace, as estimated, in the
first quarter.
Gross domestic product grew 0.1 percent sequentially in the
first quarter, slower than the 0.4 percent expansion registered in
the fourth quarter.
The greenback bounced off to 0.7562 against the aussie and
0.6908 against the kiwi, from its early 3-day low of 0.7590 and a
2-day low of 0.6938, respectively. The greenback is likely to find
resistance around 0.73 against the aussie and 0.67 against the
kiwi.
The greenback spiked up to 1.2979 against the loonie, its
strongest since May 8. If the greenback continues its rise, 1.31 is
possibly seen as its next resistance level.
On the flip side, the greenback weakened to 109.12 against the
yen, after rising to 109.74 at 9:30 pm ET. The next possible
support for the greenback is seen around the 108.00 level.
Data from the Ministry of Internal Affairs and Communications
showed that overall consumer prices in Tokyo rose 0.4 percent on
year in May.
That was beneath expectations for 0.5 percent, which would have
been unchanged.
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