U.S. Dollar Advances Ahead Of Inflation Data
(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Monday, ahead of key inflation readings from China and the United States due this week.
Focus was also on earnings reports from some of the largest firms in Asia, with Chinese e-commerce giant Alibaba Group Holding, Japanese tech giants Sony Corp and SoftBank Group Corp, and Australian lender Commonwealth Bank of Australia set to unveil their financial results this week.
On an annual basis, the CPI is expected to rise to 3.3 percent in July from 3 percent in the previous month.
The core CPI is expected to ease to 4.7 percent from 4.8 percent.
A strong CPI reading would raise the prospect of a rate hike to tame it.
The greenback climbed to 0.8773 against the franc, 1.0965 against the euro and 1.2712 against the pound, off its early lows of 0.8714, 1.1016 and 1.2761, respectively. The currency is seen facing resistance around 0.89 against the franc, 1.07 against the euro and 1.23 against the pound.
The greenback advanced to 0.6555 against the aussie and 0.6084 against the kiwi, from its early lows of 0.6592 and 0.6113, respectively. The currency may challenge resistance around 0.63 against the aussie and 0.59 against the kiwi.
The greenback touched 1.3397 against the loonie, setting a 2-month high. If the greenback extends rise, 1.36 is possibly seen as its next resistance level.
The greenback rebounded to 142.44 against the yen, from an early 1-week low of 141.50. On the upside, 145.00 is seen as its next resistance level.
U.S. consumer credit for June will be released in the New York session.
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