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Forex News: U.S. Dollar Higher Ahead Of Fed Minutes

U.S. Dollar Higher Ahead Of Fed Minutes

07/05/2017 - 07:33:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its key counterparts in the European session on Wednesday, as investors await the Fed minutes for more indications about the central bank's balance sheet unwinding program and possibility of next rate hike later this year.

The minutes from the Fed's June 13-14 meeting are due at 2:00 pm ET. At the meeting, the central bank had raised interest rate by 25 basis points to a range of 1 to 1.25 percent.

Traders will parse the minutes for more clues about when the Fed may start reducing its $4.5 trillion balance sheet.

The minutes could provide more details about the discussion among the officials regarding the trajectory of the policy rate path, given the divergence between the strong labor market and weaker-than-expected inflation data.

The Automatic Data Processing releases private payrolls data for June on Thursday, followed by all-important nonfarm payrolls on Friday. Strong data could bolster bets for one more rate hike this year.

The greenback held steady against its major rivals in the Asian session.

Reversing from an early low of 1.1369 against the euro, the greenback climbed to a 1-week high of 1.1312. Continuation of the greenback's uptrend may see it challenging resistance around the 1.12 region.

Figures from Eurostat showed that Eurozone retail sales grew more than expected in May.

Retail sales climbed 0.4 percent on a monthly basis in May, faster than the 0.1 percent rise in April and the 0.3 percent increase economists had expected.

The greenback, having fallen to 1.2948 against the pound at 10:00 pm ET, reversed direction and advanced to a 1-week high of 1.2894. If the greenback extends rise, 1.27 is possibly seen as its next resistance level.

Data from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK service sector expanded at a slower pace in June on the weakest upturn in new work since last September.

The services Purchasing Managers' Index dropped to 53.4 in June from 53.8 in May.

The greenback firmed to an 8-day high of 0.9688 against the Swiss franc, from a low of 0.9633 hit at 5:00 pm ET. Further uptrend may take the greenback to a resistance around the 0.98 region.

Bouncing off from an early low of 112.83 against the yen, the greenback hit near a 2-month high of 113.69. The greenback is poised to challenge resistance around the 114.5 mark.

Survey from Nikkei showed that Japan's services sector activity continued to expand in June, and at a faster rate, with a PMI score of 53.3.

That's up from 53.0 in May, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The greenback appreciated to weekly highs of 0.7258 against the kiwi and 0.7589 against the aussie, off its early lows of 0.7297 and 0.7632, respectively. On the upside, 0.70 and 0.73 are likely seen as the next resistance levels for the greenback against the kiwi and the aussie, respectively.

The greenback that closed Tuesday's deals at 1.2932 against the loonie gained to 1.2974. The greenback is seen finding resistance around the 1.32 zone.

The U.S. factory orders and durable goods orders for May are set for release in the New York session.

At 2:00 pm ET, the Federal Reserve releases minutes from the June 13-14 monetary policy meeting.

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