Advertisement
U.S. Dollar Climbs Amid Fed, China Concerns
(RTTNews) - The U.S. dollar firmed against its major counterparts in the European session on Friday, on the prospects of higher interest rates and concerns about China's shadow banking sector.
Upbeat U.S. economic data released overnight raised hopes that the Federal Reserve will hold interest rates higher for longer.
China's property developer Evergrande filed for bankruptcy protection in a U.S. court, raising concerns about ripple effects.
A liquidity crisis at one of China's top asset managers Zhongzhi Enterprise Group has raised worries of a contagion risk to the financial sector.
Investors now look to next week's gathering of policymakers at Jackson Hole in Wyoming for clues on the outlook for interest rates.
The greenback climbed to a 1-1/2-month high of 1.0844 against the euro, 4-day high of 0.8824 against the franc and a 2-day high of 1.2689 against the pound, off its early lows of 1.0893, 0.8765 and 1.2766, respectively. The currency is seen facing resistance around 1.06 against the euro, 0.90 against the franc and 1.23 against the pound.
The greenback rose to 0.6379 against the aussie and 0.5909 against the kiwi, from its early lows of 0.6428 and 0.5944, respectively. The currency may challenge resistance around 0.62 against the aussie and 0.57 against the kiwi.
The greenback touched 1.3574 against the loonie, its highest level since June 1. If the currency rises further, 1.37 is likely seen as its next upside target level.
The greenback recovered to 145.76 against the yen, reversing from an early 3-day low of 145.15. On the upside, 148.00 is seen as its next resistance level.
Pound Advances Against Majors
Swiss Franc Falls Against Majors
Yen Rises Amid Risk-off Mood
Antipodean Currencies Slide As China Manufacturing Activity Contracts
Pound Drops On Tariff Concerns
U.S. Dollar Falls On Re-escalating US-China Trade Tensions
U.S. Dollar Falls Against Majors
