U.S. Dollar Higher Against Majors

RTTNews | 622 days ago
U.S. Dollar Higher Against Majors

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on Wednesday, as better-than-expected PMI data suggested that the Federal Reserve will maintain a hawkish stance on interest rates.

Flash PMI data from S&P Global showed on Tuesday that U.S. composite PMI reached a three-month high in October, rising to 51 from 50.2.

The services PMI increased to 50.9 from 50.1 and manufacturing PMI advanced to 50 from 49.8.

The data bolstered speculation that the Fed will keep interest rates elevated for a longer period.

U.S. GDP data will be released on Thursday and the core personal consumption expenditures price index is due on Friday.

The greenback advanced to 2-day highs of 149.94 against the yen and 0.5816 against the kiwi, from its previous lows of 149.79 and 0.5869, respectively. The next possible resistance for the greenback is seen around 153.00 against the yen and 0.56 against the kiwi.

The greenback climbed to 5-day highs of 1.0565 against the euro and 1.2113 against the pound, off its early lows of 1.0606 and 1.2175, respectively. The greenback is seen finding resistance around 1.03 against the euro and 1.19 against the pound.

The greenback touched 0.8964 against the franc, setting a 6-day high. Next key resistance for the currency may be located around the 0.92 level.

The greenback firmed to near a 3-week high of 1.3783 against the loonie and a 2-day high of 0.6328 against the aussie, from an early low of 1.3729 and near a 2-week low of 0.6399, respectively. The currency may find resistance around 1.38 against the loonie and 0.62 against the aussie.

U.S. new home sales data for September is scheduled for release in the New York session.

At 10:00 am ET, Bank of Canada will announce its monetary policy decision. The economists expect the interest rate to remain steady at 5.00 percent.

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