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Forex News: U.S. Dollar Rises Amid Risk Aversion

U.S. Dollar Rises Amid Risk Aversion

05/08/2017 - 07:03:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its most major rivals in the European session on Monday amid risk aversion, as investors digested the victory of Emmanuel Macron in the French presidential election.

Markets appeared unimpressed by the the French election results that came broadly in line with what pollsters have predicted.

European markets declined, lead by a fall in banking shares, as investor focus shifted from politics to the economy. Resources stocks also turned weaker amid the recent slide in commodity prices.

The dollar was also underpinned by growing expectations of a June rate hike by the Federal Reserve in the wake of strong jobs data released last week.

While the U.S. employment grew more than expected to 211,000 jobs last month, the unemployment rate ticked down to 4.4 percent, near a 10-year low.

The key economic releases this week include consumer price inflation and retail sales due Friday, which would give more clues over whether economy is on a strong enough footing for another rate hike in June.

The currency has been trading in a positive territory against its major rivals in the Asian session, with the exception of Swiss franc.

The greenback recovered to 1.2954 against the pound, from an early 7-1/2-month low of 1.2988. On the upside, 1.28 is likely seen as the next resistance for the greenback.

Data from the mortgage lender Halifax and IHS Markit showed that UK house prices dropped for the first time in three months in April.

House prices slid 0.1 percent month-on-month in April after staying flat in March. This was the first decrease in three months and confounding expectations for an increase of 0.1 percent.

The greenback climbed to a 4-day high of 0.9943 against the Swiss franc, after having fallen to 0.9869 at 5:45 pm ET. Continuation of the greenback's uptrend may see it challenging resistance around the 1.01 area.

The greenback advanced to a 4-day high of 1.0935 against the euro, off its early 6-month low of 1.1021. The greenback is seen finding resistance around the 1.08 level.

Survey results from think tank Sentix showed that Eurozone investor confidence rose to a near decade high in May.

The investor sentiment index rose to 27.4 in May, the highest since July 2007, from 23.9 in April. The score was forecast to rise to 24.7.

The greenback bounced off to 1.3684 against the loonie, following a decline to 1.3644 at 1:45 am ET. The next possible resistance for the greenback-loonie pair is seen around the 1.38 mark.

On the flip side, the greenback eased back to 112.39 against the yen, from a 4-day high of 112.96 hit at 5:00 pm ET. The greenback may possibly target 110.5 as the next support level.

Survey data from the Cabinet Office showed that Japan's consumer confidence weakened for the first time in five months in April.

The consumer confidence index dropped to 43.2 in April from 43.9 in March, which was the highest score since September 2013.

Looking ahead, Canada housing starts for April are set for release at 8:15 am ET.

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