U.S. Dollar Climbs Amid Fed Waller's Hawkish Remarks
April 14 2023 - 7:23AM
RTTF2
Erasing early losses, the U.S. dollar strengthened against its
major counterparts in the New York session on Friday, as comments
from Federal Reserve Governor Christopher Waller indicated the
likelihood of further monetary policy tightening to bring down
inflation.
Waller said that recent data indicate that inflation remained
high and the Fed's job is not done.
"Financial conditions have not significantly tightened, the
labor market continues to be strong and quite tight, and inflation
is far above target, so monetary policy needs to be tightened
further," Waller added.
Data from the Commerce Department showed that U.S. retail sales
fell much more than expected in March.
The Commerce Department said retail sales slumped by 1.0 percent
in March after dipping by a revised 0.2 percent in February.
Economists had expected retail sales to decline by 0.4 percent,
matching the decrease originally reported for the previous
month.
The greenback climbed to 2-day highs of 133.43 against the yen
and 1.2439 against the pound, from an early low of 132.16 and more
than a 10-month low of 1.2546, respectively. The currency is seen
finding resistance around 136.00 against the yen and 1.21 against
the pound.
The greenback advanced to 0.8926 against the franc and 1.1018
against the euro, off an early low of 0.8866 and more than a 1-year
low of 1.1075, respectively. The next possible resistance for the
greenback is seen around 0.92 against the franc and 1.08 against
the euro.
The greenback rose to 0.6251 against the kiwi, 1.3349 against
the loonie and 0.6752 against the aussie, reversing from an early
low of 0.6314, 2-month low of 1.3300 and a 3-week low of 0.6805,
respectively. Next near term resistance for the currency is likely
seen around 0.61 against the kiwi, 1.35 against the loonie and 0.66
against the aussie.
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