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Forex News: U.S. Dollar Higher As Trade Concerns Ease

U.S. Dollar Higher As Trade Concerns Ease

10/01/2018 - 06:21:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its most major opponents in the European session on Monday, as the U.S. and Canada inked deal to reshape North American Free Trade Agreement, which gives U.S. farmers more access to Canada's dairy market and shield Canada from the imposition of possible autos tariffs of the U.S.

The new deal called the United States-Mexico-Canada Agreement was reached ahead of midnight deadline set by the Trump administration.

"USMCA will give our workers, farmers, ranchers and businesses a high-standard trade agreement that will result in freer markets, fairer trade and robust economic growth in our region," according to the statement.

While the deal would ensure U.S. access to 3.5% of Canada's domestic dairy market, it exempts tariffs on 2.6 million cars exported to the US.

Investors await the ISM manufacturing index for September and construction spending for August due later in the day for more direction.

The currency was higher against its major rivals in the Asian session, with the exception of the pound.

The greenback climbed to 0.9847 against the franc, its strongest since August 24. The next possible resistance for the greenback is seen around the 1.00 level.

The greenback spiked up to 114.05 against the yen, a level unseen since November 2017. If the greenback rises further, 115.00 is possibly seen as its next resistance level.

Survey from Nikkei showed that Japan's manufacturing sector continued to expand at a steady pace in September, with a manufacturing PMI score of 52.5.

That's unchanged from the previous month, and it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The greenback advanced to 1.1574 against the euro and held steady thereafter. On the upside, 1.13 is likely seen as the next resistance level for the greenback.

The greenback edged up to 0.7207 against the aussie and 0.6606 against the kiwi, from its early lows of 0.7232 and 0.6629,respectively. The greenback is poised to find resistance around 0.70 against the aussie and 0.65 against the kiwi.

On the flip side, the greenback dropped to 1.3060 against the pound, from a high of 1.3023 hit at 1:00 am ET. The greenback is seen finding support around the 1.32 area.

The greenback extended early slide against the loonie, reaching more than a 4-month low of 1.2800. The greenback is likely to challenge support around the 1.27 mark.

Looking ahead, U.S. construction spending for August and ISM manufacturing index for September are scheduled for release in the New York session.

At 9:00 am ET, Federal Reserve Bank of Atlanta President Raphael Bostic speaks about economic development at the Inclusive Economic Development annual conference in Atlanta.

For comments and feedback: contact editorial@rttnews.com

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