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

U.S. Dollar Advances Ahead Of U.S. Economic Data

04/30/2018 - 08:27:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major opponents in the European session on Monday, as investors looked ahead to a slew of U.S. data releases this week for hints on the interest rate outlook.

The U.S. treasury yields were higher, with the benchmark yield on 10-year note rising 2.96 percent, while that of 2-year equivalent was up by 2.49 percent. Yields move inversely to bond prices.

U.S. personal income and outlays are due out at 8:30 am ET, followed by U.S. pending home sales for March at 10 am ET.

Key releases scheduled for the week include the FOMC decision on Wednesday and nonfarm payrolls on Friday.

The Fed is widely expected to keep federal funds rate unchanged at 1.50-1.75 percent.

Although a rate hike is unlikely, markets await the FOMC statement for more clues about the path of future rate hikes.

Investors are currently pricing the possibility of next hike in June, taking federal funds rate to 1.75-2.00 percent.

The currency showed mixed trading against its major counterparts in the Asian session. While it held steady against the franc and the euro, it rose against the yen. Against the pound, it dropped.

The greenback advanced to 1.2088 against the euro, from a 4-day low of 1.2139 hit at 2:45 am ET. The greenback is seen challenging resistance around the 1.19 area.

Figures from the European Central Bank showed that Eurozone supply growth eased at a faster-than-expected pace in March.

The broad monetary aggregate M3 climbed 3.7 percent year-on-year in March, weaker than the 4.2 percent rise seen in February. The expected growth was 4.0 percent.

The greenback reversed from an early session's low of 0.9872 against the franc, rising to 0.9905. The greenback is likely to find resistance around the 1.01 level.

Data from KOF showed that Switzerland's economic barometer suggested almost a stable economic development in April.

The KOF economic barometer rose slightly to 105.3 in April from revised 105.1 in March.

The greenback edged up to 109.35 against the yen, after falling to 109.02 at 5:00 pm ET. The next possible resistance for the greenback is seen around the 112.00 area.

The greenback strengthened to near a 2-month high of 1.3713 against the pound, reversing from a low of 1.3792 hit at 1:45 am ET. The greenback is poised to challenge resistance around the 1.36 mark.

Survey by the Confederation of British Industry showed that the UK private sector output grew at the weakest pace since late 2016.

The balance of firms reporting a rise in output came in at +3% in three months to April, the weakest growth since September 2016, down from +8 percent in the three months to March.

The greenback climbed to 0.7042 against the kiwi, 1.2874 against the loonie and 0.7538 against the aussie, off its early lows of 0.7089, 1.2833 and 0.7582, respectively. If the greenback continues its rise, 0.68, 1.30 and 0.74 are possibly seen as its next resistance levels against the kiwi, the loonie and the aussie, respectively.

Looking ahead, U.S. personal income and spending data and pending home sales, along with Canada industrial product price index, all for March, are scheduled for release in the New York session.

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