U.S. Dollar Rises As Traders Await Powell Speech
November 06 2023 - 11:34PM
RTTF2
The U.S. dollar strengthened against other major currencies in
the European session on Tuesday, as traders looked ahead to Fed
Chair Jerome Powell's speech due on Wednesday and Thursday for
additional clarity on the U.S. rate outlook.
The dollar bounced back amidst signs of an ease off in
geopolitical tensions after Israel said it would consider "tactical
little pauses" in fighting to allow the entry of aid or the exit of
hostages from the Gaza Strip.
Minneapolis Federal Reserve Bank President Neel Kashkari said
he's not convinced rate hikes are over. In the European trading
now, the U.S. dollar rose to 4-day highs of 1.0692 against the euro
and 1.2310 against the pound, from early lows of 1.0720 and 1.2348,
respectively. If the greenback extends its uptrend, it is likely to
find resistance around 1.04 against the euro and 1.20 against the
pound.
Against the yen and the Swiss franc, the greenback advanced to
4-day highs of 150.50 and 0.9014 from early lows of 149.96 and
0.8987, respectively. The greenback is likely to find resistance
around 152.00 against the yen and 0.91 against the franc.
Moving away from an early low of 1.3694 against the Canadian
dollar, the greenback climbed to a 4-day high of 1.3744. On the
upside, 1.39 is seen as the next resistance level for the
greenback.
Looking ahead, Eurozone PPI for September and U.K. BBA mortgage
approvals data for October are due to be released in the European
session.
In the New York session, Canada and U.S. trade data for
September, U.S. used car prices data for October, U.S. Redbook
report and New Zealand Global dairy trade price index are slated
for release.
At 9:15 am ET, Federal Reserve Vice Chair for Supervision
Michael Barr will participate in "Financial Technology" discussion
before a 7th Annual D.C. Fintech Week event, in Washinton D.C.,
U.S.
At 9:50 am ET. Federal Reserve Bank of Kansas City President
Jeffrey Schmid will give opening keynote before hybrid "Energy and
the Economy: Reshuffling the Energy Deck" conference co-hosted by
the Federal Reserve Bank of Kansas City, in Oklahoma City, U.S.
At 10:00 am ET, Federal Reserve Board Governor Christopher
Waller will deliver a speech on "Using Economic Data to Understand
the Economy" before the Federal Reserve Bank of St. Louis
Conference: "Beyond the Numbers 2023, in St. Louis, U.S.
At 1:30 pm ET, Federal Reserve Bank of Dallas President Lorie
Logan will participate in fireside chat before hybrid "Energy and
the Economy: Reshuffling the Energy Deck" conference hosted by the
Federal Reserve Bank of Kansas City and the Federal Reserve Bank of
Dallas, in Oklahoma City, U.S.
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