U.S. Dollar Climbs On Fed Rate Hike Prospectus
01 Février 2018 - 04:11AM
RTTF2
The U.S. dollar advanced against its major counterparts on
Thursday, as the Fed acknowledged stronger growth and indicated
confidence about inflation, warranting case for "further gradual"
rate hikes.
The Federal Reserve on Wednesday left its benchmark interest
rate unchanged, as expected, but signaled that inflation would
"move up" in 2018.
That change of language increased expectations that the central
bank is on track to increase the benchmark rate at its next
meeting, in late March.
"Information received since the Federal Open Market Committee
met in December indicates that the labor market has continued to
strengthen and that economic activity has been rising at a solid
rate," the statement read.
"Gains in employment, household spending, and business fixed
investment have been solid, and the unemployment rate has stayed
low."
All important U.S. nonfarm payrolls data is due on Friday, which
could shed cues on the health of the labor market of world's
largest economy.
The greenback advanced to 1.4160 against the pound and 0.9340
against the franc, from its early lows of 1.4213 and 0.9305,
respectively. If the greenback rises further, it may target
resistance around 1.39 against the pound and 0.95 against the
franc.
Reversing from its early lows of 1.2429 against the euro and
109.10 against the yen, the greenback hit a 2-day high of 1.2386
and a 6-day high of 109.63, respectively. The greenback is seen
finding resistance around 1.21 against the euro and 111.00 against
the yen
The greenback strengthened to a 6-day high of 0.8007 against the
aussie, from a low of 0.8067 hit at 7:00 pm ET. Continuation of the
greenback's uptrend may see it challenging resistance around the
0.79 region.
Data from the Australian Bureau of Statistics showed that
Australia building approvals fell a seasonally adjusted 20.0
percent on month in December, coming in at 16,891.
That missed forecasts for a decline of 7.6 percent following the
upwardly revised 12.6 percent spike in November.
The greenback edged up to 0.7340 against the kiwi and 1.2328
against the loonie, off its early lows of 0.7382 and 1.2294,
respectively. The next possible resistance for the greenback is
seen around 0.72 against the kiwi and 1.26 against the loonie.
Looking ahead, Swiss retail sales for December, SVME
manufacturing PMI for January, PMI reports from major European
economies are due in the European session.
In the New York session, U.S. weekly jobless claims for the week
ended January 27, construction spending for December and ISM
manufacturing index for January are set for release.
US Dollar vs Yen (FX:USDJPY)
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US Dollar vs Yen (FX:USDJPY)
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