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Forex News: U.S. Dollar Climbs Amid Risk Aversion

U.S. Dollar Climbs Amid Risk Aversion

03/28/2018 - 05:45:00 (RTTNews)

(RTTNews) - The U.S. dollar gained ground against its major counterparts in early European deals on Wednesday, as worries about tighter regulations for tech industry sent investors rushing to safe-haven assets.

European stocks fell following weak lead from Asia and U.S. as shares of social media giant Facebook plunged on concerns over data scandal.

Facebook CEO Mark Zuckerberg is expected to testify before Congress amid allegations over failure to protect privacy policy.

A report showing an unexpected deterioration in consumer confidence in March also weighed on markets.

Investors await the third estimate of the U.S. fourth quarter GDP later in the day.

The economy is forecast to grow by 2.7 percent following a downwardly revised 2.5 percent increase in the second estimate.

The currency traded mixed against its major rivals in the Asian session. While it rose against the franc and the yen, it fell against the pound and the euro. The greenback firmed to a weekly high of 0.9520 against the franc, after having fallen to 0.9460 at 6:00 pm ET. The greenback is seen finding resistance around the 0.97 region.

The greenback edged up to 105.73 against the yen and 1.2377 against the euro, from its early lows of 105.33 and 1.2422, respectively. If the greenback rises further, 110.00 and 1.20 are likely seen as its next resistance levels against the yen and the euro, respectively.

The greenback reversed from its early lows of 1.2870 against the loonie and 0.7275 against the kiwi, rising to 2-day highs of 1.2907 and 0.7249, respectively. The next possible resistance for the greenback is seen around 1.30 against the loonie and 0.70 against the kiwi.

The greenback appreciated to more than a 3-month high of 0.7658 against the aussie, from a low of 0.7702 hit at 12:15 am ET. The greenback is likely to find resistance around the 0.75 region.

Reversing from an early low of 1.4200 against the pound, the greenback ticked up to 1.4134. On the upside, 1.39 is seen as the next resistance level for the greenback.

The latest JobsOutlook survey by the Recruitment & Employment Confederation showed that more British employers make hiring plans as Brexit countdown begins.

About 22 percent of employers who hire temporary agency.

The U.S. GDP data for the fourth quarter, wholesale inventories and pending home sales for February are scheduled for release in the New York session.

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