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Forex News: U.S. Dollar Higher After U.S. Congress Reaches Spending

U.S. Dollar Higher After U.S. Congress Reaches Spending Deal

05/01/2017 - 04:05:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major rivals in pre-European deals on Monday, as sentiment lifted up on Congressional approval of spending bill to keep the government afloat though the end of September, reducing fears of a government shut down.

The U.S. congress avoided a government shutdown last Friday by approving a stop-gap spending bill, which would grant lawmakers time till Friday to work out federal spending through September 30.

The proposed $1 trillion spending deal would cover funding for border security, which includes technology and fixing existing infrastructure, although it didn't include funding for building wall on the Mexico border.

The Federal Reserve meets this week, with economists expecting the interest rate to remain unchanged. As the Fed had already indicated about two more hikes this year, investors eye the FOMC statement for any clues about timing of move.

Investors await personal income and spending data and ISM manufacturing index and consumer spending due today, ADP private sector payrolls data and ISM non-manufacturing composite PMI on Wednesday, trade data, factory orders and weekly jobless claims due Thursday as well as U.S. jobs data due Friday for clues about the economy.

The greenback showed mixed performance on Friday. While the currency dropped against the pound and the euro, it rose against the yen. Against the franc, it held steady.

The greenback advanced to 111.91 against the yen, its strongest since March 31. Continuation of the greenback's uptrend may see it challenging resistance around the 113.00 zone.

The greenback that ended Friday's deals at 0.9946 against the Swiss franc climbed to a 5-day high of 0.9965. The greenback is seen finding resistance around the 1.005 mark.

The greenback edged up to 1.0884 against the euro and 1.2901 against the pound, from Friday's closing values of 1.0898 and 1.2945,respectively. The greenback is likely to target resistance around 1.07 against the euro and 1.26 against the pound.

Reversing from an early low of 1.3637 against the loonie, the greenback advanced to 1.3686. The next possible resistance for the greenback is seen around the 1.38 region.

Looking ahead, at 7:45 am ET, the US Treasury Secretary Steven Mnuchin speaks at the Milken Conference in Los Angeles.

In the New York session, U.S. personal income and spending for March, ISM manufacturing index for April and construction spending for March are set for release.

For comments and feedback: contact editorial@rttnews.com

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