U.S. Dollar Climbs In Cautious Trade
(RTTNews) - The U.S. dollar was higher in the European session on Monday, amid the Federal Reserve's stance of higher-for-longer interest rates and concerns about the property market in China.
China Evergrande Group, the world's most indebted property developer, said it was unable to issue new debt due to an ongoing investigation into its main domestic subsidiary, Hengda Real Estate Group Co.
Investors awaited key U.S. inflation data due on Friday to help shape the Fed's policy outlook.
Last week, Fed Governor Michelle Bowman and Boston Fed President Susan Collins indicated the possibility of a further rate hike to manage price pressures.
"I expect rates may have to stay higher, and for longer, than previous projections had suggested, and further tightening is certainly not off the table," Collins said.
The greenback climbed to near a 1-year high of 148.65 against the yen, 3-1/2-month high of 0.9105 against the franc and a 6-month high of 1.2212 against the pound, off its early lows of 148.22, 0.9054 and 1.2250, respectively. The currency is seen facing resistance around 152.00 against the yen, 0.93 against the franc and 1.20 against the pound.
The greenback rose to 1.0623 against the euro and 0.6412 against the aussie, from its early lows of 1.0655 and 0.6446, respectively. The greenback may challenge resistance around 1.04 against the euro and 0.62 against the aussie.
In contrast, the greenback weakened against the kiwi and the loonie, touching 0.5974 and 1.3453, respectively. The greenback is poised to challenge support around 0.61 against the kiwi and 1.32 against the loonie.
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