U.S. Dollar Higher On Aggressive Rate Hike Hopes

RTTNews | 1027 days ago
U.S. Dollar Higher On Aggressive Rate Hike Hopes

(RTTNews) - The U.S. dollar appreciated against its most major counterparts in the European session on Monday, as hot U.S. inflation data drove the treasury yields higher and raised expectations that the Federal Reserve will continue to tighten policy aggressively in the coming months.

Data from Labor Department showed on Friday that the U.S. consumer price index rose to a four-decade high of 8.6 percent in May, beating economists' expectations of 8.3 percent.

The data fuelled a selloff in stock markets as investors fear that aggressive monetary tightening could cause a recession.

The Fed meeting is also in focus, as investors expect a rate hike of 50 basis points amid soaring inflation.

Key U.S. economic data due this week include producer price index, retail sales, housing starts and industrial production.

The greenback reached as high as 0.9945 against the franc, its highest level since May 18. The greenback is likely to target resistance around the 1.02 region.

The greenback touched multi-week highs of 1.0445 against the euro and 1.2162 against the pound, coming off from its previous lows of 1.0520 and 1.2321, respectively. The next possible resistance for the greenback is seen around 1.00 against the euro and 1.19 against the pound.

Reversing from its early lows of 0.7044 against the aussie and 0.6350 against the kiwi, the greenback moved up to multi-week highs of 0.6957 and 0.6276, respectively. The greenback may find resistance around 0.68 against the aussie and 0.60 against the kiwi.

The greenback was up against the loonie, at nearly a 3-week high of 1.2868. If the greenback rises further, it may find resistance around the 1.30 level.

In contrast, the greenback pulled back to 133.83 against the yen, from more than a 20-year high of 135.20 seen in the Asian session. The greenback is seen finding support around the 128.00 mark.

read more
Pound Falls As European Shares Extend Losses On Growth Worries

Pound Falls As European Shares Extend Losses On Growth Worries

The British pound weakened against other major currencies in the European session on Friday, as European shares traded lower, extending steep losses from the previous session after U.S. President Donald Trump announced significantly harsher-than-expected tariffs.
RTTNews | 1 day ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 1 day ago
Antipodean Currencies Slide Amid Risk-off Mood; Safe-haven Swiss Franc Rises

Antipodean Currencies Slide Amid Risk-off Mood; Safe-haven Swiss Franc Rises

The antipodean currencies such as the Australia and the New Zealand dollars weakened against their major currencies in the Asian session on Friday amid increased risk-off mood by the investors, with some of the major markets being closed, as traders continue to assess the impact of the steeper-than-expected reciprocal tariffs imposed by U.S. President Donald Trump on U.S. trade partners.
RTTNews | 1 day ago
Euro Advances Against Majors

Euro Advances Against Majors

The euro strengthened against other major currencies in the European session on Thursday, as the U.S. dollar suffered due to concerns about the country's short-term economic prospects and the continuous imposition of tariffs on trading partners. The euro was also supported by economic data.
RTTNews | 2 days ago