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Forex News: U.S. Dollar Higher Ahead Of Jackson Hole Symposium

U.S. Dollar Higher Ahead Of Jackson Hole Symposium

08/22/2017 - 04:06:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major rivals in early European deals on Tuesday, as investors turned their attention to the upcoming annual conference of global central bankers in Jackson Hole, Wyoming later this week.

All eyes are on a speech by the Federal Reserve chair Janet Yellen scheduled for Friday. Yellen will speak on the topic of financial stability at 8 am local time.

Yellen's speech is expected to give more insight on the expected balance sheet normalization and the implications of the soft inflation on the normalization process.

The ECB Chief Mario Draghi is scheduled to speak later, with traders seeking more clues on monetary policy. Draghi's speech will be on the topic of the Symposium 'Fostering a Dynamic Global Economy, indicating a shift to a broader agenda and is unlikely to signal a change in policy stance until the next meeting.

Reports on new and existing home sales and durable goods orders are also likely to garner attention this week.

The currency has been rising in the Asian session.

The greenback that closed Monday's deals at 0.9619 against the franc rose to 0.9657. The next possible resistance for the greenback-franc pair is seen around the 0.99 region.

Figures from the Federal Customs Administration showed that Switzerland's trade surplus increased in July despite a fall in exports.

The trade surplus rose to CHF 3.6 billion from CHF 2.7 billion in June.

The greenback advanced to 1.2853 against the pound and 1.1785 against the euro, off its early lows of 1.2909 and 1.1824, respectively. Continuation of the greenback's uptrend may see it challenging resistance around 1.27 against the pound and 1.15 against the euro.

The greenback edged up to 0.7924 against the aussie, 0.7305 against the kiwi and 1.2572 versus the loonie, from its early lows of 0.7951 and 0.7335, and near a 3-week low of 1.2548, respectively. The greenback is likely to challenge resistance around 0.78 against the aussie, 0.72 against the kiwi and 1.27 against the loonie.

The greenback hit a 4-day high of 109.46 against the Japanese yen, compared to 108.96 hit late New York Monday. If the greenback extends rise, 111.00 is likely seen as its next resistance level.

Data from the Japan Chain Stores Association showed that Japan's supermarket sales remained flat in July.

Supermarket sales showed nil growth in July. Before store adjustment, supermarket sales slid 0.1 percent.

Looking ahead, U.K. public sector finance data for July and German ZEW economic sentiment index for August are due in the European session.

In the New York session, Canada retail sales and U.S. Federal Housing finance agency's house price index for June are set for release.

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