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Forex News: U.S. Dollar Higher Ahead Of Trump's State Of

U.S. Dollar Higher Ahead Of Trump's State Of Union Speech

02/05/2019 - 07:59:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major opponents in the European session on Tuesday, as investors awaited President Donald Trump's State of the Union speech tonight and a speech from Fed Chairman Jerome Powell on Wednesday for more clues about the economy.

The President is expected to highlight his success over the last two years and envision his agenda for next two years in his State of Union speech, which had been delayed by a week due to a government shutdown.

Trump is likely use his address to tout the strength of the US economy, a key message in his looming 2020 reelection campaign.

Amid political stalemate in Washington, the President is expected to call on Congress to come together on infrastructure projects and his trade deal with Canada and Mexico.

Powell is scheduled to speak at a town hall meeting for teachers in Washington at 7:00 pm ET Wednesday.

Speeches from Fed Vice Chair Richard Clarida, Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard and Fed Governor Randal Quarles are also due this week, whose remarks will be watched for interest rate outlook.

The currency has been trading higher since Friday's U.S. January jobs data, which showed a creation of 304,000 jobs versus expectations for a gain of 165,000.

The currency held steady against its major opponents in the Asian session, with the exception of the yen.

The greenback advanced to 1.2997 against the pound, its largest since January 23. The greenback is seen finding resistance around the 1.28 level.

Preliminary data from IHS Markit showed that UK service sector growth slowed more-than-expected in January, moving closer to stagnation, as new orders decreased for the first time in two-an-a-half years.

The CIPS Services Purchasing Managers' Index, or PMI, dropped to 50.1 from 51.2 in December. Economists had forecast a score of 51.

The greenback that closed yesterday's trading at 1.1436 against the euro firmed to a 5-day high of 1.1412. The greenback is poised to target resistance around the 1.13 level.

Preliminary data from Eurostat showed that Eurozone retail sales decreased at the fastest pace in over seven-and-a-half years in December.

Retail sales, excluding automobile trade, declined 1.6 percent from November, when they increased 0.8 percent, which was revised from 0.6 percent.

The greenback bounced off to 110.04 against the yen, from a low of 109.78 hit at 12:45 am ET. Next key resistance for the greenback is seen around the 111.00 mark.

The latest survey from Nikkei showed that Japan services sector continued to expand in December, and at a stronger pace, with a services PMI score of 51.6.

That's up from 51.0 in November and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.

The U.S. currency appreciated to 1.0021 against the franc, a level unseen since November 16, 2018. If the greenback rises further, 1.02 is possibly seen as its next resistance level.

On the flip side, the greenback held steady against the kiwi, after having declined to 0.6902 at 11:00 pm ET. The pair finished yesterday's trading at 0.6884.

The greenback reached as low as 1.3102 against the loonie at 11:45 pm ET and held steady in subsequent deals. At yesterday's close, the pair was worth 1.3110.

The greenback dropped to a 4-day low of 0.7264 against the aussie, from an early 6-day high of 0.7194, and held steady thereafter. The pair was valued at 0.7226 when it ended deals on Monday.

The U.S. ISM non-manufacturing composite index for January is scheduled for release in the New York session.

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