U.S. Dollar Climbs On Powell's Comments
(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Wednesday, as Federal Reserve Chair Jerome Powell's comments triggered doubts about the likelihood of a rate cut in December.
The Fed cut rates by 25 basis points, but Powell said that a December rate cut is 'far from' a foregone conclusion.
Powell's comments cast doubts about the possibility of a further rate cut this year.
The 10-year treasury yield climbed on Powell's comments.
The greenback climbed to a 1-week high of 1.1577 against the euro, 5-1/2-month high of 1.3139 against the pound and a fresh 2-week high of 0.8020 against the franc. The currency may find resistance around 1.12 against the euro, 1.30 against the pound and 0.89 against the franc.
The greenback rose to 1.3955 against the loonie and 0.6557 against the aussie, from an early nearly 5-week low of 1.3888 and a fresh 3-week low of 0.6617, respectively. The next possible resistance for the currency is seen around 1.42 against the loonie and 0.64 against the aussie.
The greenback advanced to a 2-day high of 153.05 against the yen and a 5-day high of 0.5749 against the kiwi, from an early 1-week low of 151.53 and near a 3-week low of 0.5801, respectively. The currency is seen finding resistance around 154.00 against the yen and 0.56 against the kiwi.
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