U.S. Dollar Rises

The U.S. dollar strengthened against the other major currencies in the Asian session on Friday. The U.S. markets were closed on Thursday for Thanksgiving Day. Trading activity remained light due to the holiday but has picked up since the opening of the Asian session this morning.

The news that OPEC took no action to ease a global oil-supply glut amid oil's tumble into a bear market this year sent oil prices sharply lower on Thursday.

The U.S. dollar was mixed on Thursday. While the US. dollar held steady against the Euro and the Swiss franc, it fell against the Pound and the Yen.

In the Asian trading, the U.S. dollar rose to a 3-day high of 118.32 against the yen, from yesterday's closing quote of 117.64. If the greenback extends its uptrend, it is likely to find resistance around the 119.10 area. The yen was weighed down by some mixed domestic economic data.

Against the euro, the pound and the Swiss franc, the greenback advanced to 2-day highs of 1.2447, 1.5704 and 0.9656 from yesterday's closing quotes of 1.2466, 1.5734 and 0.9639, respectively. The greenback is likely to find resistance around 1.23 against the euro, 1.56 against the pound and 0.97 against the Swiss franc.

Against the Australia and NZ dollars, the greenback climbed to 2-day highs of 0.8493 and 0.7830 from yesterday's closing values of 0.8541 and 0.7866, respectively. On the upside, 0.83 against the aussie and 0.77 against the kiwi are seen as the next resistance levels for the greenback.

The greenback edged up to 1.1352 against the Canadian dollar, from yesterday's closing quote of 1.1328. The greenback may test resistance near the 1.14 region.

Looking ahead, Japanese housing starts and construction orders data, German retail sales for October and U.K. Nationwide house prices for November are due to be released in the Asian session.

In the European session, Swiss leading indicator index, Eurozone CPI data for November and unemployment rate for October are due to be released.

In the New York session, Canadian GDP for September is due to be released.

Euro vs US Dollar (FX:EURUSD)
Forex Chart
From Aug 2024 to Sep 2024