U.S. Dollar Higher On Recession Worries
(RTTNews) - The safe-haven U.S. dollar appreciated against its major counterparts in European deals on Thursday, on concerns that the Federal Reserve's tightening would push the economy into a recession.
Investors hope that slowdown fears may prompt the Fed to moderate the pace of interest rate hikes going forward.
The Fed is expected to deliver a 50 basis point rate hike at next week's meeting after four straight 75 basis-point increases.
Investors focus on U.S. producer inflation data for November due on Friday for more clues about the monetary policy path.
U.S. treasury yields rose, with the benchmark 10-year yield touching 3.447 percent.
The greenback held steady against the yen, after rising to 137.25 in the previous session. The pair had ended yesterday's deals at 136.59.
The greenback rose to 1.2155 against the pound and 1.0490 against the euro, off its early lows of 1.2215 and 1.0531, respectively. The greenback is seen finding resistance around 1.18 against the pound and 1.0 against the euro.
The greenback rebounded against the franc, reaching 0.9427. The next possible resistance for the dollar is seen around the 0.96 level.
The greenback recovered to 0.6337 against the kiwi, from a low of 0.6373 seen at 2:30 am ET. The greenback is likely to test resistance around the 0.61 level.
In contrast, the greenback was lower against the loonie and the aussie, at 1.3612 and 0.6742, respectively. The greenback may face support around 1.34 against the loonie and 0.69 against the aussie.
U.S. weekly jobless claims for the week ended December 3 will be released in the New York session.
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