U.S. Dollar Extends Advance Ahead Of Fed Minutes
21 Février 2018 - 10:34AM
RTTF2
The U.S. dollar continued to be higher against its major
counterparts in the European session on Wednesday, as investors
awaited the minutes from the Fed's recent policy meeting for more
insights about future interest rate hikes this year.
The minutes from the January 30-31 meeting, due at 2:00 pm ET,
could provide more clues about central bank's views on inflation
and trajectory of interest rates.
The meeting was last under former Fed Chair Janet Yellen, who
turned the job over to Jerome Powell.
The January meeting statement indicated that the economic growth
had strengthened and more rate hikes may be warranted. The Fed also
said that inflation would move up this year.
The minutes could provide more clarity about policymakers'
thinking over pace of interest rate hikes amid improving
inflation.
Apart from minutes, U.S. manufacturing and home sales data are
scheduled to be released today.
The currency has been trading higher in the Asian session.
The greenback climbed to an 8-day high of 0.9388 against the
Swiss franc, from a low of 0.9358 set at 5:00 pm ET. If the
greenback extends rise, 0.95 is seen as its next resistance
level.
The greenback firmed to near a 2-week high of 1.2683 versus the
loonie and a weekly high of 0.7839 versus the aussie, off its early
lows of 1.2640 and 0.7902, respectively. The greenback is seen
finding resistance around 1.28 against the loonie and 0.77 against
the aussie.
Having fallen to 1.4008 against the pound at 7:30 pm ET, the
greenback reversed direction and hit a weekly high of 1.3907. The
next possible resistance for the greenback is seen around the 1.38
mark.
Data from the Office for National Statistics showed that the UK
jobless rate increased in the fourth quarter.
The ILO unemployment rate rose by 0.1 percentage points to 4.4
percent in three months to December. In the same period of last
year, the rate was 4.8 percent.
The greenback appreciated to a weekly high of 1.2300 against the
euro, reversing from a low of 1.2345 hit at 7:30 pm ET. On the
upside, 1.20 is likely seen as the next resistance for the
greenback.
Flash data from IHS Markit showed that Eurozone private sector
growth continued to rise at a steep pace in February, albeit with
the rate of expansion cooling from the near 12-year high in
January.
The composite output index dropped to 57.5 from 58.8 in the
previous month. The score was forecast to fall to 58.4.
On the flip side, the greenback retreated to 107.35 against the
Japanese yen, from an early weekly high of 107.90. Next key support
for the greenback is likely seen around the 106.00 region.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's all industry activity growth halved in December.
The all industry activity index rose 0.5 percent month-on-month
in December, following November's 1 percent increase. Nonetheless,
this was the third consecutive increase in activity and bigger than
the expected 0.4 percent rise.
The greenback held steady against the kiwi, after having eased
from an early weekly high of 0.7326. The pair closed Tuesday's
trading at 0.7347.
US Dollar vs Yen (FX:USDJPY)
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US Dollar vs Yen (FX:USDJPY)
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