U.S. Dollar Advances Ahead Of Fed Speeches
07 February 2018 - 7:31PM
RTTF2
The U.S. dollar firmed against its major opponents in the
European session on Wednesday, as traders focus on speeches by
Federal Reserve officials for hints about the path for further rate
hikes this year.
New York Federal Reserve Bank President William Dudley
participates as panelist at the European American Chamber of
Commerce and Thomson Reuters' "Banking Culture: Still Room for
Improvement?" event in New York at 8.30 am ET.
Chicago Federal Reserve President Charles Evans will deliver a
speech and discuss current economic conditions and monetary policy
at the Iowa Bankers Association Bank Management Conference in Des
Moines, Iowa at 11:15 am ET.
Investors focus on political developments in Washington after
House of Representatives on Tuesday passed another stopgap bill to
avert government shut down.
The spending bill was passed in a 245-182 vote in the
Republican-controlled chamber.
The bill has headed to Senate for a vote later in the day.
The currency fell against its major rivals in the Asian
session.
The greenback bounced off to 109.25 against the yen, heading to
breach a 2-day high of 109.71 set at 5:45 pm ET. The next possible
resistance for the greenback is seen around the 112.00 level.
Preliminary figures from the Cabinet Office showed that Japan's
leading index declined more-than-expected at the end of the
year.
The leading index, which measures the future economic activity,
dropped to 107.9 in December from 108.2 in November. Economists had
expected the index to fall to 108.1.
The greenback advanced to near a 2-week high of 0.9410 against
the Swiss franc, reversing from an early low of 0.9340. On the
upside, 0.96 is possibly seen as the next resistance level for the
greenback.
The greenback climbed to 1.2335 against the euro and 1.3873
against the pound, off its early lows of 1.2405 and
1.3993,respectively. If the greenback rises further, it may target
resistance around 1.22 against the euro and 1.35 against the
pound.
The greenback bounced off to 0.7854 against the aussie and
1.2528 against the loonie, from its previous low of 0.7908 and a
session's low of 1.2490, respectively. The greenback is seen
finding resistance around 0.76 against the aussie and 1.28 against
the loonie.
The greenback remained in a positive territory against the kiwi
with the pair trading at 0.7306. This may be compared to a low of
0.7346 hit at the beginning of today's deals. The pair finished
Tuesday's deals at 0.7341.
Looking ahead, Canada building permits for December are set for
release in the New York session.
At 8:30 am ET, the New York Fed President William Dudley speaks
about banking culture at an event jointly hosted by Thomson Reuters
and the European American Chamber of Commerce, in New York.
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