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Forex News: U.S. Dollar Higher After Fed Rate Hike

U.S. Dollar Higher After Fed Rate Hike

09/27/2018 - 03:29:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its most major opponents in the Asian session on Thursday, after the Federal Reserve hiked its interest rate by a quarter percentage point amid strong U.S. economic growth and projected another rate hike in December.

The Fed on Wednesday raised the target range for the federal funds rate to 2 to 2.25 percent, citing realized and expected labor market conditions and inflation.

The central bank reiterated that average job gains have been strong in recent months and noted annual inflation remains near 2 percent.

Looking ahead, the Fed said future adjustments to the target range for the federal funds rate will be based on realized and expected economic conditions relative to the central bank's maximum employment objective and its symmetric 2 percent inflation objective.

"This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments," the Fed said.

The Fed's projections for future rate hikes points to one more increase in rates this year and three rate hikes next year.

Markets will also be tracking the developments on U.S.-China and U.S.-Canada trade disputes front for direction.

The greenback advanced to a 2-day high of 1.3124 against the pound and a weekly high of 1.1691 against the euro, from its early lows of 1.3178 and 1.1757, respectively. On the upside, 1.30 and 1.15 are possibly seen as the next resistance levels for the greenback against the pound and the euro, respectively.

The greenback climbed to 0.9680 against the franc, from a low of 0.9646 seen at 5:05 pm ET. The greenback is poised to find resistance around the 0.98 mark.

The greenback strengthened to a 9-day high of 1.3054 against the loonie, 8-day high of 0.7223 against the aussie and a 2-day high of 0.6634 against the kiwi, reversing from its previous lows of 1.3012, 0.7268 and 0.6680, respectively. The greenback is seen finding resistance around 1.32 against the loonie, 0.70 against the aussie and 0.65 against the kiwi.

On the flip side, the greenback declined to a 3-day low of 112.61 against the yen, compared to 112.71 hit late New York Wednesday. If the greenback falls further, 111.00 is likely seen as its next support level.

Looking ahead, Eurozone M3 money supply for August and economic confidence index for September are due in the European session.

At 8:00 am ET, German preliminary consumer inflation for September is scheduled for release.

In the New York session, U.S. GDP data for the second quarter, weekly jobless claims for the week ended September 22, pending home sales and durable goods orders for August will be out.

The European Central Bank President Mario Draghi will give speech at the European Systemic Risk Board annual conference in Frankfurt at 9:30 am ET.

At 4:30 pm ET, the Federal Reserve Chair Jerome Powell speaks at Senator Reed's Rhode Island Business Leaders Day in Washington DC.

For comments and feedback: contact editorial@rttnews.com

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