U.S. Dollar Rises After Fed Rate Hike
15 Juin 2017 - 08:36AM
RTTF2
The U.S. dollar strengthened against most major currencies in
the European session on Thursday, after the Federal Reserve
signaled one additional rate hike this year.
The Federal Reserve raised its key interest rate by 25 basis
points, as widely expected, despite the recent weakness of core
inflation.
Meanwhile, investor sentiment dampened on a new report that U.S.
President Donald Trump is being investigated by special counsel
Robert Mueller for possible obstruction of justice and a widening
probe into Russia's role in the U.S. election keeping investors
nervous.
Investigators are also looking for any evidence of possible
financial crimes among Trump associates, the Washington Post
reported.
Market participants awaited Bank of England rate decision,
although no changes are expected after Prime Minister Theresa May
lost the Conservative parliamentary majority at the June 8 general
election.
In the Asian trading today, the greenback held steady against
its major rivals.
In the European trading, the U.S. dollar rose to a 2-day high of
1.2702 against the pound, from an early low of 1.2761. The
greenback is likely to find resistance around the 1.25 region.
Against the euro and the Swiss franc, the greenback advanced to
a 6-day high of 1.1175 and more than a 2-week high of 0.9738 from
early lows of 1.1229 and 0.9704, respectively. If the greenback
extends its uptrend, it is likely to find resistance around 1.09
against the euro and 0.99 against the franc.
The greenback edged up to 109.81 against the yen, from an early
low of 109.27. On the upside, 112.00 is seen as the next resistance
level for the greenback.
Looking ahead, the Bank of England will announce its interest
rate decision at 7:00 am ET. Economists expect the bank to retain
interest rates unchanged at 0.25 percent and asset purchase target
at GBP 435 billion.
In the New York session, Canada manufacturing sales data for
April and existing home sales data for May, U.S. import price index
for May, U.S. weekly jobless claims for the week ended June 10,
industrial production for May, U.S. Empire State manufacturing
index for June, and U.S. NAHB housing market index for June are
slated for release.
At 12:30 pm ET, Swiss National Bank is scheduled to publish its
Financial Stability Report.
At 4:00 pm ET, Bank of England Governor Mark Carney is expected
to speak at the Mansion House Bankers and Merchants Dinner, in
London.
Euro vs Yen (FX:EURJPY)
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Euro vs Yen (FX:EURJPY)
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