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Forex News: U.S. Dollar Higher After China Refutes News Over

U.S. Dollar Higher After China Refutes News Over Slowing Treasury Purchases

01/11/2018 - 05:36:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major opponents in early European trading on Thursday, after China's foreign exchange regulator denied the news alleging reduction on U.S. Treasury purchases in the wake of trade tensions with Washington.

In a statement, China's State Administration of Foreign Exchange said the Bloomberg report stating that China may slow or halt purchases of US Treasury bonds "was a fake news."

"The news may quote the wrong information source, or it may be fake news."

China is a responsible investor for the foreign exchange reserves and markets involved, it added.

Following the statement, the U.S. treasuries gained, thereby driving down yields.

The U.S. producer prices and weekly jobless claims are due later in the day, while inflation data and retail sales numbers will be out tomorrow.

The currency has been trading higher in the Asian session.

The greenback advanced to near a 2-week high of 1.3474 against the pound, from a low of 1.3517 hit at 8:30 pm ET. If the greenback rises further, 1.335 is possibly seen as its next resistance level.

The greenback climbed to 1.1930 against the euro and 0.9816 against the franc, off its early lows of 1.1970 and 0.9775, respectively. The greenback is seen finding resistance around 1.18 against the euro and 0.995 against the franc.

Bouncing off from an early low of 1.2528 against the loonie, the greenback edged up to 1.2566. Continuation of the greenback's uptrend may see it challenging resistance around the 1.27 mark.

The greenback reversed from an early low of 111.32 against the yen, rising to 111.87. The next possible resistance for the greenback is seen around the 113.5 area.

Preliminary figures from the Cabinet Office showed that Japan's leading index increased notably in November to the strongest level in nearly four years.

The leading index, which measures the future economic activity, climbed to 108.6 in November from 106.5 in October. The figure also matched consensus estimate.

Looking ahead, the European Central Bank's accounts of the monetary policy meeting of the Governing Council held on December 13-14 are due at 7:30 am ET.

In the New York session, Canada new housing price index for November, U.S. producer prices for December, weekly jobless claims for the week ended January 6 and monthly budget statement for December are set for release.

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