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Forex News: U.S. Dollar Advances Ahead Of Fed Decision

U.S. Dollar Advances Ahead Of Fed Decision

08/01/2018 - 03:32:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the Asian session on Wednesday, following news that the U.S. and China are trying to restart talks to avert a full-blown trade war, while investors awaited monetary policy decision from the Federal Reserve later in the day.

The Fed is expected to leave its fed funds rate unchanged when it announces decision at 2:00 pm ET.

The Bank is likely to maintain its "gradual" approach to tightening, with 2 more hikes in the cards this year.

Meanwhile, the manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed with a PMI score of 50.8, down from 51.0 in June.

China will keep its economic growth within a reasonable range and achieve this year's target despite significant changes in the external environment, the state-run Xinhua news agency said on Tuesday, citing a statement released after a meeting of the Politburo.

The Automatic Data Processing will release U.S. private sector employment data at 8:15 am ET. The data serves as a prelude to all important jobs data, due Friday.

The greenback appreciated to a 5-day high of 0.6789 against the kiwi, after having dropped to 0.6820 at 5:00 pm ET. If the greenback rises further, 0.66 is likely seen as its next resistance level.

Data from Statistics New Zealand showed that New Zealand's jobless rate came in at a seasonally adjusted 4.5 percent in the second quarter of 2018.

That exceeded expectations for 4.4 percent, which would have been unchanged from the previous three months.

The greenback edged up to 1.3026 against the loonie and 0.7404 against the aussie, off its early lows of 1.3004 and 0.7429, respectively. On the upside, 1.32 and 0.73 are possibly seen as the next resistance levels for the greenback against the loonie and the aussie, respectively.

The greenback strengthened to near a 2-week high of 112.09 against the yen, from a low of 111.70 seen at 7:00 pm ET. The next likely resistance for the greenback is seen around the 114.00 level.

Survey from Nikkei showed that Japan manufacturing sector continued to expand in July, albeit at a slower pace, with a PMI score of 52.3.

That's down from 53.0 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The greenback climbed to 2-day highs of 1.1672 against the euro and 0.9934 against the franc, reversing from its early lows of 1.1694 and 0.9897 respectively. The greenback is seen finding resistance around 1.15 against the euro and 1.01 against the franc.

Having declined to 1.3125 against the pound at 5:00 pm ET, the greenback reversed direction and rose to 1.3095. Next key resistance for the greenback is likely seen around the 1.29 level.

Looking ahead, PMI reports from major European economies are due in the European session.

In the New York session, U.S. ADP private sector payrolls, Markit's manufacturing PMI and ISM manufacturing index, all for July, as well as construction spending for June are scheduled for release.

At 2:00 pm ET, the Fed announces its decision on interest rates. Economists expect the federal funds rate to be kept in a range of 1.75 percent to 2 percent.

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