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

U.S. Dollar Climbs Amid Risk Aversion

04/03/2018 - 07:48:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major opponents in European deals on Tuesday, as rising trade tensions between the U.S. and China as well as a fresh sell-off in U.S. tech stocks raised the appeal of safe-haven assets.

Disappointing economic reports also weighed on markets. While German retail sales fell unexpectedly in February, Eurozone manufacturing growth slowed to an eight-month low in March.

Investors remained on edge after China imposed tariffs on 128 imported goods originating in the U.S. and U.S. President Donald Trump attacked Amazon for a second time in three days over the pricing of its deliveries through the United States Postal Service.

Market participants focus on a slew of economic reports slated for release this week. ADP private sector payrolls and ISM services PMI are due on Wednesday, while U.S. trade data will be out on Thursday. Friday features the release of key U.S. nonfarm payrolls for March.

The currency held steady against its major rivals in the Asian session, with the exception of the pound.

The greenback strengthened to a 5-day high of 0.9570 against the franc, from a low of 0.9533 hit at 4:30 am ET. The greenback is seen finding resistance around the 0.97 region.

Data from the Federal Statistical Office showed that Switzerland's retail sales decreased for the second straight month in February.

Retail sales fell by real 0.2 percent year-on-year in February, following a 0.4 percent decrease in January.

Reversing from an early low of 105.69 against the yen, the greenback advanced to 106.27. On the upside, 108.00 is seen as the next resistance level for the greenback.

Data from the Bank of Japan showed that Japan's monetary base rose 9.1 percent on year in March, coming in at 475.932 trillion yen.

That follows the 9.4 percent jump in February.

The greenback edged up to 1.2286 against the euro and 1.4021 against the pound, from an early low of 1.2335 and a 5-day low of 1.4089, respectively. The next possible resistance for the greenback is seen around 1.20 against the euro and 1.39 against the pound.

The greenback recovered to 0.7680 against the aussie, from its previous 4-day low of 0.7707. The greenback is likely to find resistance around the 0.75 region.

Australia's central bank decided to leave its key interest rate unchanged at a record low, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent.

The greenback reversed from an early 6-day low of 0.7263 against the kiwi, rising back to 0.7244. This may be compared to a 5-day peak of 0.7195 set at 9:45 pm ET. If the greenback rises further, 0.70 is likely seen as its next resistance level.

The greenback recovered slightly to 1.2886 against the loonie, from a low of 1.2866 hit at 6:30 am ET. The next possible upside target for the greenback is seen around the 1.29 level.

At 4:30 pm ET, Federal Reserve Governor Lael Brainard speaks about financial stability at New York University's Stern School of Business.

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