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Forex News: U.S. Dollar Climbs On Easing Trade War Worries

U.S. Dollar Climbs On Easing Trade War Worries

05/21/2018 - 06:12:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on Monday, along with treasury yields, as U.S. Treasury Secretary Steven Mnuchin remarked that China and US would put trade war "on hold" amid "meaningful progress" in talks last week.

Speaking to Fox News on Sunday, Mnuchin signaled a more cooperative path for trade deals with China as Beijing reportedly promised to increase purchases of American goods and services to reduce the trade deficit.

"We have agreed to put the tariffs on hold while we try to execute the framework," Mnuchin said.

Mnuchin added that both sides had agreed to halt imposing tariffs against each other.

Investors await the minutes from the Federal Reserve's May meeting due this week for more clues about the rate outlook for this year.

Other major economic data include U.S. manufacturing and services PMI, durable goods orders and existing home sales during the week.

The greenback has been trading in a positive territory against its major rivals in the Asian session.

The greenback spiked up to 1.1717 against the euro, a level unseen since November 20, 2017. The next possible resistance for the greenback is seen around the 1.16 level.

The greenback that closed last week's deals at 1.3457 against the pound climbed to near a 5-month high of 1.3395. Next key resistance for the greenback is likely seen around the 1.33 level.

The greenback advanced to 111.40 against the yen, its highest since January 18. The greenback is poised to challenge resistance around the 113.00 level.

Data from the Ministry of Finance showed that Japan logged a merchandise trade surplus of 626.0 billion yen in April.

That exceeded expectations for a surplus of 440.0 billion yen following the downwardly revised 797.0 billion yen surplus in March.

The greenback was trading higher at 1.0000 against the franc, up from a low of 0.9965 hit at 5:00 pm ET. The greenback is seen finding resistance around the 1.02 level.

The greenback bounced off to 0.6884 against the kiwi, after having fallen to 0.6932 at 5:30 pm ET. The greenback is likely to find resistance around the 0.68 level.

Data from Statistics New Zealand showed that New Zealand retail sales rose a seasonally adjusted 0.1 percent on quarter in the first three months of 2018.

That was shy of expectations for a gain of 1.0 percent and down from the downwardly revised 1.4 percent in the three months prior.

On the flip side, the greenback edged down to 1.2854 against the loonie, from a high of 1.2890 hit at 8:30 pm ET. On the downside, 1.27 is likely seen as the next support for the greenback.

The greenback eased back to 0.7529 against the aussie, heading closer to pierce a 4-day low of 0.7534 hit at 10:15 pm ET. If the greenback continues its fall, 0.77 is possibly seen as its next support level.

At 12:15 pm ET, Atlanta Fed President Raphael Bostic speaks about the economic outlook and price-level targeting at the Atlanta Economics Club.

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