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Forex News: U.S. Dollar Advances Ahead Of GDP Data

U.S. Dollar Advances Ahead Of GDP Data

07/26/2018 - 06:40:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Thursday, as investors await U.S. second quarter GDP data due tomorrow for Fed rate hike outlook.

Economists expect the economy to have grown by 4.2 percent on an annualized basis, up from 2 percent in the first quarter.

Solid reading could reinforce expectations that the Fed is set to raise interest rates twice more this year.

Sentiment lifted up after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward zero tariffs, easing immediate concerns about global trade.

Investors kept an eye on the ECB's monetary policy meeting later today, although no immediate changes to policy are expected.

The greenback dropped against its major rivals in the Asian session.

The greenback strengthened to 1.3175 against the pound, 0.9935 against the franc and 1.1706 against the euro, from its early 9-day low of 1.3213, 3-day lows of 0.9903 and 1.1744, respectively. If the greenback extends rise, 1.30, 1.01 and 1.16 are possibly seen as its next resistance levels against the pound, the franc and the euro, respectively.

The greenback recovered to 1.3050 against the loonie and 110.84 against the yen, from its early low of 1.3025 and more than a 2-week low of 110.59, respectively. The next possible resistance for the greenback is seen around 1.32 against the loonie and 113.00 against the yen.

The greenback reversed from an early low of 0.7463 against the aussie and more than a 2-week low of 0.6851 against the kiwi, rising to 0.7424 and 0.6821, respectively. Next key resistance for the greenback is seen around 0.72 against the aussie and 0.67 against the kiwi.

Looking ahead, at 7:45 am ET, the European Central Bank announces its interest rate decision. Economists expect the main refi rate to be kept at a record low of zero percent and the deposit rate at -0.40 percent.

In the New York session, U.S. weekly jobless claims for the week ended July 21, durable goods orders and wholesale inventories for June are scheduled for release.

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