U.S. Dollar Climbs Ahead Of Fed Meeting
December 13 2021 - 12:16AM
RTTF2
The U.S. dollar firmed against its major counterparts in the
early European session on Monday, as investors look ahead to the
Fed meeting due this week for more clues about an early tightening
of monetary policy.
The Fed will begin its two-day meeting on Tuesday, in which the
policymakers will discuss a faster tapering of asset purchases to
tackle price pressures.
Market participants are waiting to see whether the Fed will
signal earlier rate hikes in the wake of elevated inflation.
Investors also eyed central bank meetings in Europe,
Switzerland, U.K. and Japan.
The U.S. economic data due this week include retail sales,
industrial production, producer prices and jobless claims.
Elsewhere, China will focus on ensuring stability and stick to a
prudent monetary and fiscal policy for next year, according to an
official statement issued after the annual Central Economic Work
Conference.
The meeting called for combined cross-cyclical and
counter-cyclical policy adjustments and pursuing a strategy to
expand domestic demand.
The greenback rose to 1.3220 against the pound, 1.1272 against
the euro and 0.9248 against the franc, following its early lows of
1.3261, 1.1319 and 0.9200, respectively. If the greenback continues
its rise, 1.29, 1.10 and 0.94 are possibly seen as its next
resistance levels against the pound, the euro and the franc,
respectively.
The greenback came off from its prior lows of 113.25 against the
yen, 0.6802 against the kiwi and 0.7176 against the aussie,
advancing to 113.68, 0.6775 and 0.7140, respectively. The next
likely resistance for the greenback is seen around 115.00 against
the yen, 0.66 against the kiwi and 0.70 against the aussie.
The greenback touched a 6-day high of 1.2748 against the loonie,
from a low of 1.2706 hit at 8:30 pm ET. On the upside, resistance
is likely seen near the 1.29 level.
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