U.S. Dollar Advances Against Majors
January 19 2024 - 7:07AM
RTTF2
The U.S. dollar climbed against its major counterparts in the
New York session on Friday, as traders pared back their
expectations for early rate cuts from the Federal Reserve.
Solid U.S. economic data as well as recent hawkish comments from
Fed officials triggered a shift in rate-cut expectations.
Atlanta Federal Reserve President Raphael Bostic said on
Thursday he expects policymakers to start cutting rates in the
third quarter of this year and the goal ahead is to calibrate
policy to be not so restrictive.
U.S. treasury yields rose, with the benchmark 10-year yield
touching 4.17 percent.
Consumer sentiment in the U.S. has improved much more than
anticipated in the month of January, according to preliminary data
by the University of Michigan.
The University of Michigan said its consumer sentiment index
surged to 78.8 in January after jumping to 69.7 in December.
Economists had expected the index to inch up to 70.0.
With the much bigger than expected increase, the consumer
sentiment index reached its highest level since hitting 81.2 in
July 2021.
The greenback advanced to a multi-week high of 0.8704 against
the franc and near a 2-month high of 148.80 against the yen, off
its early lows of 0.8668 and 147.83, respectively. The next
possible resistance for the currency is seen around 0.90 against
the franc and 151.00 against the yen.
The greenback edged up to 1.0865 against the euro and 1.2661
against the pound, from an early low of 1.0893 and a 3-day low of
1.2714, respectively. The greenback may find resistance around 1.05
against the euro and 1.24 against the pound.
The greenback recovered to 0.6570 against the aussie, from an
early 3-day low of 0.6601. The greenback is likely to find
resistance around the 0.63 level.
The greenback rose back to 0.6090 against the kiwi. This may be
compared to a previous 2-day high of 0.6089. The greenback is
poised to find resistance around the 0.59 level.
In contrast, the greenback fell to a 3-day low of 1.3454 against
the loonie. The currency may possibly face support around the 1.32
level.
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