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Forex News: U.S. Dollar Advances On Revived U.S.-North Korea Summit

U.S. Dollar Advances On Revived U.S.-North Korea Summit Hopes

05/28/2018 - 10:14:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major opponents in the European session on Monday, as geopolitical worries receded after the U.S. officials arrived in North Korea to prepare for a proposed summit scheduled next month.

Prospects that the United States and North Korea would hold a summit brightened after U.S. President Donald Trump said the U.S. was having "very productive talks" with the regime about reinstating the June 12 meeting in Singapore.

"Our United States team has arrived in North Korea to make arrangements for the Summit between Kim Jong Un and myself," Trump said in?a tweet?on Sunday afternoon.

"I truly believe North Korea has brilliant potential and will be a great economic and financial Nation one day," Trump added. "Kim Jong Un agrees with me on this. It will happen!"

The currency was trading lower against its most major counterparts in the Asian session.

The greenback bounced off to 1.3302 against the pound, from a low of 1.3341 hit at 12:45 am ET. Next key resistance for the greenback is likely seen around the 1.31 level.

The greenback advanced to a 4-day high of 0.9954 against the franc, after having fallen to 0.9907 at 5:00 pm ET. The greenback is poised to challenge resistance around the 1.01 level.

The greenback appreciated to near a 7-month high of 1.1611 against the euro, following an advance to 1.1728 at 1:45 am ET. The greenback is likely to find resistance around the 1.14 level.

The greenback recovered to 0.7543 against the aussie and 0.6940 against the kiwi, from an early low of 0.7581 and 6-day low of 0.6960, respectively. On the upside, 0.73 and 0.67 are likely seen as the next resistance levels for the greenback against the aussie and the kiwi, respectively.

On the flip side, the greenback dropped to 109.23 against the yen, after rising to a 4-day high of 109.83 at 5:45 pm ET. The next possible support for the greenback is seen around the 107.00 level.

Data from the Bank of Japan showed that Japan producer prices jumped 0.9 percent on year in April.

That topped expectations for an increase of 0.5 percent, which would have been unchanged from the March reading.

The U.S. markets will remain closed for Memorial Day holiday.

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