U.S. Dollar Advances Ahead Of Key Inflation Data
11 November 2024 - 11:55PM
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The U.S. dollar climbed against its major counterparts in the
New York session on Monday, as investors await upcoming U.S.
inflation data and speeches by Federal Reserve officials for
additional clues to the Fed's rate trajectory.
U.S. reports on consumer and producer prices, retail sales and
industrial production due later in the week may provide further
insights into the health of the world's largest economy as the
Presidency and Senate falls into Republican hands, presenting a
clear path for Trump to enact any major policy changes.
Trump won a second term as president on a platform of steep
import taxes, including tariffs as high as 60 percent on China. The
focus is now on how quickly Trump will implement his fiscal and
protectionist trade policies.
Federal Reserve Bank of Minneapolis President Neel Kashkari
indicated at the weekend that tariffs would hurt long-term
inflation if global trade partners were to strike back.
According to CME Fedwatch, traders currently bet on a 65.9
percent chance for a 25-basis point rate cut in December, and a
34.1 percent chance that rates will remain unchanged.
The greenback climbed to near a 7-month high of 1.0628 against
the euro and a 5-day high of 1.2855 against the pound, off its
early lows of 1.0727 and 1.2925, respectively. The next possible
resistance for the currency is seen around 1.06 against the euro
and 1.26 against the pound.
The greenback advanced to a 4-day high of 153.94 against the yen
and a 3-1/2-month high of 0.8808 against the franc, from its early
lows of 152.61 and 0.8751, respectively. The currency is poised to
challenge resistance around 156.00 against the yen and 0.89 against
the franc.
The greenback touched 1.3950 against the loonie, setting a 5-day
high. If the currency rises further, it is likely to test
resistance around the 1.40 region.
The greenback recovered to 0.6565 against the aussie and 0.5952
against the kiwi, reversing from its early lows of 0.6598 and
0.5977, respectively. The currency is likely to locate resistance
around 0.64 against the aussie and 0.58 against the kiwi.
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