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Forex News: Dollar Extends Gain Amid Powell's Testimony

Dollar Extends Gain Amid Powell's Testimony

07/17/2018 - 10:56:00 (RTTNews)

(RTTNews) - The U.S. dollar continued to be higher against its major counterparts in the New York session on Tuesday, after Fed Chairman Jerome Powell remarked that the central bank would continue raising rate gradually amid solid economic expansion.

In his semi-annual testimony, Powell struck a positive note on economy, indicating that he expects the job market to remain strong and inflation to stay near 2 percent over the next several years.

He said that the risk of unexpected weakening of economy is roughly balanced, with the possibility of the economy growing faster than currently expected.

"With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the FOMC believes that--for now--the best way forward is to keep gradually raising the federal funds rate."

Data from the National Association of Home Builders showed that homebuilder confidence in the U.S. has held steady in the month of July.

The report said the NAHB/Wells Fargo Housing Market Index remained unchanged in July after dipping to 68 in June. The unchanged reading matched economist estimates.

Data from the Federal Reserve showed that U.S. industrial production increased in line with economist estimates in June, partly reflecting a rebound in auto production.

The Fed said industrial production climbed by 0.6 percent in June after falling by a downwardly revised 0.5 percent in May.

The currency has been trading in a positive territory against its major rivals in the European session.

The greenback advanced to 1.1685 against the euro, after falling to a 6-day low of 1.1745 at 5:00 am ET. The greenback is seen finding resistance around the 1.15 level.

The greenback remained firm at a 4-day high of 1.3145 against the pound, following a decline to 1.3269 at 4:45 am ET. The greenback is likely to find resistance around the 1.30 level.

Figures from the Office for National Statistics showed that Britain's employment level set a fresh record in the three months to May and unemployment was unchanged, yet pay growth eased to its lowest in six months.

The number of employment was a record high 32.399 million in the March to May period, rising by 137,000 from the previous three months. Economists had forecast employment growth of 115,000.

Having fallen to a 6-day low of 0.9927 against the Swiss franc at 4:45 am ET, the greenback reversed direction and bounced off to 0.9967. The next possible resistance for the greenback is seen around the 1.01 level.

The greenback climbed to a 4-day high of 112.79 against the yen, from a low of 112.23 seen at 5:00 pm ET. If the greenback continues its rise, 114.00 is possibly seen as its next resistance level.

The greenback strengthened to 4-day highs of 1.3189 against the loonie and 0.7386 against the aussie, from its early lows of 1.3111 and 0.7438, respectively. On the upside, 1.34 and 0.72 are likely seen as the next resistance levels for the greenback against the loonie and the aussie, respectively.

Reversing from an early weekly low of 0.6841 against the kiwi, the greenback rose back to 0.6784. This may be compared to a 4-day high of 0.6756 set in the early Asian session. Continuation of the greenback's uptrend may see it challenging resistance around the 0.66 level.

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