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

U.S. Dollar Higher Ahead Of Fed Meeting

07/29/2019 - 10:43:00 (RTTNews)

(RTTNews) - The U.S. dollar was notably higher against its most major counterparts in the early New York session on Monday, as investors braced for a small interest rate cut by the Federal Reserve this week following recent strong economic data.

The Fed kicks off its two-day meeting tomorrow, with investors widely anticipating a quarter point cut in interest rate to 2.00-2.25%.

The Fed announces its latest decision at 2:00 pm ET Wednesday, followed by a press conference from Chairman Jerome Powell half an hour later.

Traders closely garner Powell's speech for more indications about the trajectory of U.S. rates in the months ahead.

All important jobs report is due at the end of the week, which could also have a significant impact on the outlook for rates.

Employment is expected to climb by 170,000 jobs in July after jumping by a much bigger than expected 224,000 jobs in June, while the unemployment rate is expected to hold at 3.7 percent.

This week's economic calendar also includes data on personal income and spending, consumer confidence, pending home sales, manufacturing activity and the U.S. trade deficit that could help offer clues about economy.

The currency fell against its major rivals in the Asian session, excepting the pound.

The greenback advanced to 108.70 against the yen, from a 4-day low of 108.42 hit at 9:00 pm ET. The greenback is poised to find resistance around the 111.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's retail sales were roughly unchanged in June on a seasonally adjusted basis.

That exceeded expectations for a decline of 0.3 percent following the upwardly revised 0.4 percent gain in May

The greenback edged higher to 1.1113 against the euro, following a decline to 1.1139 at 9:15 pm ET. On the upside, 1.09 is likely seen as the next resistance level for the greenback.

The greenback spiked up to 1.2241 against the pound, its biggest since March 2017. Next immediate resistance for the greenback is possibly seen around the 1.21 level.

Data from the Bank of England showed that UK mortgage approvals declined to the lowest since January.

The number of mortgage approvals fell to 66,440 in June from 65,647 in May. This was the lowest since January and below the forecast of 65,800.

Extending early rally, the greenback appreciated to 0.6618 against the kiwi for the first time since July 10. The greenback may face resistance around the 0.645 level, if it rises further.

In contrast, the greenback weakened to a 4-day low of 1.3149 against the loonie from last week's closing value of 1.3166. If the greenback slides further, it may find support around the 1.30 level.

The greenback eased off slightly to 0.6910 against the aussie from a multi-week high of 0.6900 seen at 8:00 am ET. The greenback is seen finding support around the 0.70 level.

The greenback fell back to 0.9912 against the franc, from a high of 0.9937 hit at 5:45 pm ET. The currency is likely to find support around the 0.97 level.

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