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Forex News: U.S. Dollar Climbs On Fed Rate Hike Hopes

U.S. Dollar Climbs On Fed Rate Hike Hopes

04/23/2018 - 06:34:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on Monday, buoyed by rising U.S. bond yields amid bets that the Federal Reserve will keep raising rates to prevent the world's largest economy from overheating.

U.S. treasury yields were higher, with the benchmark yield on 10-year note rising 2.99 percent, while that of 2-year equivalent was up by 2.47 percent. Yields move inversely to bond prices.

In an interview with Spanish newspaper El Pais, San Francisco Federal Reserve Bank President John Williams said that a trade war would bring very negative effects to the economy, but it is too soon to say if such a conflict will arise.

Williams warned that if the conflict increase there would be less growth, more inflation and lower quality of life all over the world.

Traders await U.S. manufacturing PMI and existing home sales data due later in the day.

Other economic reports slated for release this week include S&P Corelogic Case-Shiller and FHFA home price indices, new home sales and consumer confidence on Tuesday; durable goods orders and weekly jobless claims on Thursday; followed by gross domestic product and consumer sentiment on Friday.

The greenback strengthened to more than a 3-month high of 0.9777 against the franc, 5-week high of 1.3959 against the pound and more than a 2-week high of 1.2226 against the euro, from Friday's closing values of 0.9748, 1.4002 and 1.2286, respectively. The next possible resistance for the greenback is seen around 0.99 against the franc, 1.38 against the pound and 1.20 against the euro.

The greenback firmed to more than a 2-month high of 108.28 against the yen and a 2-week high of 1.2806 against the loonie, up from last week's closing values of 107.62 and 1.2765, respectively. The greenback is likely to find resistance around 109.00 against the yen and 1.29 against the loonie.

The greenback climbed to near a 5-week high of 0.7166 against the kiwi and more than a 4-month high of 0.7634 against the aussie, off its early lows of 0.7218 and 0.7683, respectively. If the greenback extends rise, 0.70 and 0.75 are possibly seen as its next resistance levels against the kiwi and the aussie, respectively.

Looking ahead, Canada wholesale sales for February and U.S. existing home sales for March are scheduled for release in the New York session.

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