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Forex News: U.S. Dollar Climbs On N.Korean Response To Trump's

U.S. Dollar Climbs On N.Korean Response To Trump's Cancellation Of Summit

05/25/2018 - 10:00:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its most major rivals in the early New York session on Friday, as investors took a breather from Pyongyang's measured response to the cancellation of the summit by U.S. President Trump.

North Korea responded by saying they remain open to talks, with Vice Foreign Minister Kim Kye Gwan saying Pyongyang hoped for a "Trump-style solution" to the standoff over its nuclear weapons program.

Trump subsequently said in a post on Twitter, "Very good news to receive the warm and productive statement from North Korea."

"We will soon see where it will lead, hopefully to long and enduring prosperity and peace. Only time (and talent) will tell!" he added.

Data from the Commerce Department showed a bigger than expected decrease in new orders for U.S. manufactured durable goods in the month of April.

Durable goods orders slumped by 1.7 percent in April after spiking by an upwardly revised 2.7 percent in March.

At 10:00 am ET, the University of Michigan is due to release its revised reading on consumer sentiment in the month of May. The consumer sentiment index is expected to be unrevised at 98.8.

The greenback rose to 0.9937 against the franc, from a low of 0.9903 seen at 5:45 pm ET. The greenback is likely to find resistance around the 1.01 level.

The greenback climbed to a 6-month high of 1.1662 against the euro, after having fallen to 1.1734 at 6:30 am ET. The greenback is poised to challenge resistance around the 1.14 level.

Survey data from Ifo Institute showed that Germany's business confidence remained stable in May.

The business climate index came in at 102.2 in May, unchanged from April. The score was seen at 102.

The greenback advanced to a 2-day high of 1.3322 against the pound, reversing from a low of 1.3388 hit at 6:15 pm ET. Next key resistance for the greenback is likely seen around the 1.31 level.

Second estimate from the Office for National Statistics showed that the UK economy expanded at a weaker pace, as estimated, in the first quarter.

Gross domestic product grew 0.1 percent sequentially in the first quarter, slower than the 0.4 percent expansion registered in the fourth quarter.

The greenback bounced off to 0.7562 against the aussie and 0.6908 against the kiwi, from its early 3-day low of 0.7590 and a 2-day low of 0.6938, respectively. The greenback is likely to find resistance around 0.73 against the aussie and 0.67 against the kiwi.

The greenback spiked up to 1.2979 against the loonie, its strongest since May 8. If the greenback continues its rise, 1.31 is possibly seen as its next resistance level.

On the flip side, the greenback weakened to 109.12 against the yen, after rising to 109.74 at 9:30 pm ET. The next possible support for the greenback is seen around the 108.00 level.

Data from the Ministry of Internal Affairs and Communications showed that overall consumer prices in Tokyo rose 0.4 percent on year in May.

That was beneath expectations for 0.5 percent, which would have been unchanged.

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