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Forex News: U.S. Dollar Advances On Fed Rate Hike Prospectus

U.S. Dollar Advances On Fed Rate Hike Prospectus

07/10/2017 - 06:51:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major rivals in the European session on Monday, as Friday's solid jobs data suggested that the economy is on a solid footing to enable the Fed to continue with its tightening plans for the rest of the year.

U.S. non-farm payroll employment jumped by 222,000 jobs in June following an upwardly revised increase of 152,000 jobs in May. Despite the stronger than expected job growth, the unemployment rate inched up to 4.4 percent from 4.3 percent in May.

Better-than-expected jobs data supported continued policy tightening by the Federal Reserve with another rate hike this year.

The Fed Chair Janet Yellen set to deliver her semiannual testimony on monetary policy to the House Financial Services Committee on Wednesday, and before the Senate Banking Committee on Thursday.

Yellen's speech will be closely watched for assessments on the U.S. economy and the outlook of the Fed's monetary policy in the course of the year.

Investors also focus on weekly jobless claims and producer price index on Thursday, as well as the consumer price index, retail sales, industrial production and consumer sentiment - all due Friday for more clues about the health of the economy.

The greenback traded mixed against its major rivals in the Asian session. While the greenback held steady against the franc and the euro, it rose against the yen. Against the pound, it declined.

The greenback climbed to a 5-day high of 0.9662 against the franc, from a low of 0.9630 hit at 3:45 am ET. The next likely resistance for the greenback-franc pair is seen around the 0.98 region.

The greenback hit 114.30 against the yen, its strongest since May 11. If the greenback-yen pair extends rise, 118.5 is possibly seen as its next resistance level.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 1,653.9 billion yen in May.

That missed forecasts for 1,792.8 billion yen following the 1,951.9 billion yen surplus in April.

The greenback reversed from an early low of 1.1418 against the euro, rising to 1.1382. On the upside, 1.12 is possibly seen as the next resistance for the greenback.

Survey results from think tank Sentix showed that Eurozone investor confidence moderated in July.

The investor confidence index fell marginally to 28.3 in July from a near decade high. The score was forecast to fall to 28.2 from 28.4 in June.

The greenback advanced to near a 2-week high of 1.2858 against the pound, after having declined to 1.2908 at 2:00 am ET. Continuation of the greenback's uptrend may see it challenging resistance around the 1.27 mark.

The greenback bounced off to 0.7265 against the kiwi, 0.7587 against the aussie and 1.2928 against the loonie, from its early lows of 0.7283, 0.7615 and 1.2872, respectively. The greenback is likely to target resistance around 0.71 against the kiwi, 0.74 against the aussie and 1.30 against the loonie.

Looking ahead, U.S. labor market conditions index for June and U.S. consumer credit for May are slated for release in the New York session.

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