U.S. Dollar Higher Amid Solid Economic Data, Trump's Denial Of Firing Powell
(RTTNews) - The U.S. dollar firmed against its most major counterparts in the New York session on Thursday, amid strong economic data and President Donald Trump's denial of plans to fire Federal Reserve Chair Jerome Powell.
Retail sales rose 0.6 percent month-on-month in June, following the 0.9 percent decline in May. Economists had expected retail sales to rise to 0.1 percent.
Initial jobless claims fell by 7,000 to 221,000 in the week ended July 12. The reading came in below forecasts of 233,000.
Concerns about the dismissal of Powell faded for the time being, following Trump's denial.
The greenback climbed to more than a 3-week high of 1.1556 against the euro and a fresh 3-week high of 0.8064 against the franc. The greenback is seen finding resistance around 1.13 against the euro and 0.90 against the franc.
The greenback advanced to more than 3-week highs of 1.3774 against the loonie, 0.6454 against the aussie and 0.5904 against the kiwi. The greenback is poised to challenge resistance around 1.39 against the loonie, 0.61 against the aussie and 0.57 against the kiwi.
The greenback rose to 149.08 against the yen. If the currency rises further, it is likely to find resistance around the 152.00 level.
In contrast, the greenback retreated to 1.3420 against the pound. The greenback may find support around the 1.37 level.
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