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Forex News: U.S. Dollar Higher Ahead Of Powell's Speech

U.S. Dollar Higher Ahead Of Powell's Speech

08/23/2019 - 06:17:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in early European deals on Friday, as investors await Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium later today for additional clues about the outlook for interest rates.

Powell will address on topic "Challenges of Monetary Policy" at 10 am ET.

Traders keenly await whether Powell's remarks would confirm their expectation of the quarter percentage-point rate cut next month.

The Federal Open Market Committee's July meeting minutes released on Wednesday showed that most officials observed the July rate cut as a mid-cycle adjustment and not the start of an easing cycle.

Powell's speech comes amid intense pressure from President Donald Trump to deliver aggressive rate cuts to help support the economy.

Investors also await new home sales due later in the day.

The Group of Seven (G-7) annual summit begins on Saturday in France and it will likely end without a joint communique for the first time in its 44-year history due to deepening rifts between the heads of state.

The currency has been trading higher against its major counterparts in the Asian session.

The greenback appreciated to a 3-week high of 0.9873 against the franc, from a low of 0.9833 hit at 6:30 pm ET. The next possible resistance for the greenback is seen around the 1.00 level.

The greenback climbed to a 3-day high of 106.67 against the yen, compared to 106.43 hit late New York Thursday. If the greenback rises further, 109.00 is likely seen as its next resistance level.

Data from the Ministry of Internal Affairs and Communications showed that Japan inflation rose 0.5 percent on year in July.

That was shy of forecasts for an annual increase of 0.6 percent and down from 0.7 percent in June.

Reversing from a low of 1.2261 seen at 5:30 pm ET, the greenback edged higher to 1.2195 against the pound. The greenback is seen finding resistance around the 1.19 level.

The greenback bounced off to 0.6378 against the kiwi, coming off from a low of 0.6396 it touched at 10:30 pm ET. On the upside, 0.62 is likely seen as the next resistance level for the greenback.

Figures from Statistics New Zealand showed that New Zealand retail sales grew at a slower rate in the second quarter.

The total volume of retail sales rose by a seasonally adjusted 0.2 percent sequentially in the second quarter, which was slower than 0.7 percent increase in the previous quarter. Economists had forecasts for a rise of 0.3 percent.

The greenback spiked higher to a new 3-week high of 1.1056 versus the euro, from Thursday's closing value of 1.1079. The greenback is likely to face resistance around the 1.09 level.

On the flip side, the greenback retreated slightly to 1.3310 against the loonie, from a 3-day high of 1.3327 hit at 1:25 am ET. Next key support for the greenback is seen around the 1.30 area.

The greenback held steady against the aussie, after having eased from an 8-day high of 0.6745 reached in the Asian session. At yesterday's close, the pair was worth 0.6757.

Looking ahead, Canada retail sales for June and U.S. new home sales for July are due in the New York session.

At 10:00 am ET, Fed Chair Jerome Powell will deliver a speech titled "Challenges for Monetary Policy" at the Jackson Hole Economic Policy Symposium in Wyoming.

For comments and feedback: contact editorial@rttnews.com

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