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Forex News: U.S. Dollar Climbs As Trade Tensions Recede

U.S. Dollar Climbs As Trade Tensions Recede

03/27/2018 - 09:52:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Tuesday, as trade-war worries eased following reports that the U.S. and China are willing to negotiate trade-related issues and avert a potential trade war.

Tensions eased after Chinese Premier Li Keqiang indicated that the U.S. and China should maintain negotiations to resolve trade differences.

Li also vowed to treat foreign and domestic firms impartially, stop compelling foreign firms to transfer technology and work to strengthen intellectual property rights.

Li's remarks came after optimistic comments from U.S. Treasury Secretary Steven Mnuchin, who told Fox News on Sunday that he is "cautiously hopeful" a trade agreement can be reached.

"We're having very productive conversations with them," he said.

Investors await the release of the consumer confidence report for March, due at 10:00 am ET.

GDP and international trade are slated for Wednesday, while weekly jobless claims and consumer sentiment are set for Thursday.

The greenback held steady against its major counterparts in the Asian session, with the exception of the yen.

The greenback climbed to a 6-day high of 1.4066 against the pound, 5-day highs of 105.90 against the yen and 0.9509 against the Swiss franc, from its early lows of 1.4244, 105.38 and 0.9435, respectively. The next possible resistance for the greenback is seen around 1.39 against the pound, 107.00 against the yen and 0.97 against the Swiss franc.

The greenback edged up to 1.2373 against the euro, off its early near a 6-week low of 1.2476. The greenback is seen finding resistance around the 1.21 region.

The greenback advanced to 1.2903 against the loonie, 0.7700 against the aussie and 0.7262 against the kiwi, reversing from its early more than 2-week low of 1.2815, 5-day low of 0.7757 and near a 2-week low of 0.7303, respectively. The greenback is likely to find resistance around 1.31 against the loonie, 0.76 against the aussie and 0.71 against the kiwi.

At 11:00 am ET, Atlanta Fed President Raphael Bostic speaks at the Hope Global Forums Annual Meeting in Atlanta.

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