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Forex News: U.S. Dollar Climbs On US-China Trade Talk Hopes

U.S. Dollar Climbs On US-China Trade Talk Hopes

08/20/2018 - 06:52:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Monday, as sentiment lifted up amid hopes that the U.S.-China trade talks this week might help resolve an escalating trade war.

Underlying sentiment remain supported after the Wall Street Journal indicated that U.S. President Donald Trump and his Chinese counterpart Xi Jinping are considering meeting in November on the sidelines of multilateral summits.

China and the United States will hold lower-level trade talks this week, just before new U.S. tariffs on $16 billion of Chinese goods take effect.

Federal Reserve Chairman Jerome Powell is scheduled to speak Friday at the annual global central bank conference on monetary policy.

In addition, the Fed will release the minutes from its July 31-August 1 policy meeting on Wednesday, with investors looking for clues on whether the central bank will raise borrowing costs in September. The currency was trading mixed against its major counterparts in the Asian session. While it rose against the euro and the pound, it held steady against the yen. Against the franc, it fell.

The greenback rose to 110.68 against the yen, from a low of 110.41 seen at 8:00 pm ET. The next possible resistance for the greenback is seen around the 112.00 area.

The greenback edged up to 0.9968 against the franc, after having fallen to 0.9943 at 10:45 pm ET. If the greenback rises further, it may find resistance around the 1.01 area.

Reversing from an early low of 1.1440 against the euro, the greenback ticked up to 1.1403. On the upside, 1.12 is likely seen as the next resistance level for the greenback.

Figures from Destatis showed that Germany's producer price inflation held steady in July, in line with expectations.

Producer prices grew 3.0 percent year-on-year in July, the same rate of increase as in June.

Having fallen to a session's low of 1.2753 against the pound, the greenback reversed direction and rose to 1.2729. The greenback is poised to find resistance around the 1.25 level.

Data from property website Rightmove showed that U.K. house prices dropped in August as more sellers entered the market during summer holiday season.

Average asking prices decreased 2.3 percent in August from July.

The greenback advanced to 1.3072 against the loonie, from Friday's closing value of 1.3061. The greenback is seen finding resistance around the 1.32 level.

The greenback bounced off to 0.6613 against the kiwi, from an 11-day low of 0.6640 hit at 5:00 pm ET. Next key resistance for the greenback is seen around the 0.65 region.

On the flip side, the greenback held steady against the aussie, after falling briefly to 0.7317 at 4:00 am ET.

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