U.S. Dollar Advances Following Hawkish Fed Minutes
November 22 2023 - 3:27AM
RTTF2
The U.S. dollar climbed against its most major counterparts in
the European session on Wednesday, as minutes from the Federal
Reserve's recent meeting failed to give any signals on potential
cuts.
The minutes showed that officials continued to judge that
restrictive monetary policy stance would be required to return
inflation to the 2 percent target over time.
Market participants expect the Fed to hold rates at the December
meeting and deliver a first rate cut in May.
In economic releases, U.S. reports on durable goods orders and
weekly jobless claims are due later in the day.
Economists expect initial jobless claims to decline to 225,000
from 231,000 in the week ended November 18.
The greenback climbed to 0.6015 against the kiwi and 0.6527
against the aussie, setting 2-day highs. The greenback is seen
finding resistance around 0.58 against the kiwi and 0.64 against
the aussie.
The greenback advanced to a 5-day high of 1.0882 against the
euro and a 2-day high of 0.8862 against the franc, off its early
lows of 1.0922 and 0.8828, respectively. The next possible
resistance for the currency is seen around 1.07 against the euro
and 0.90 against the franc.
The greenback moved up to 1.2506 against the pound. Against the
loonie, it was up at 1.3728. The greenback is likely to find
resistance around 1.24 against the pound and 1.40 against the
loonie.
In contrast, the greenback eased to 148.65 against the yen, from
an early 2-day high of 149.35. The greenback may locate support
around the 133.00 mark.
Looking ahead, U.S. durable goods orders for October, weekly
jobless claims for the week ended November 18 and University of
Michigan's final consumer sentiment index for November will be
released in the New York session.
Eurozone flash consumer sentiment index for November will be out
at 10 am ET.
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