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Forex News: U.S. Dollar Rises After Christmas Break

U.S. Dollar Rises After Christmas Break

12/26/2017 - 08:07:00 (RTTNews)

(RTTNews) - The U.S. dollar rose against its most major counterparts in the European session on Tuesday in light trading after Christmas break.

There were no big triggers as major European markets remained closed for Christmas holidays.

With today's economic docket being relatively light, investors remained mostly on the sidelines.

The S&P/Case-Shiller housing price index for October, the Richmond Fed manufacturing index and Dallas Fed manufacturing survey are due from the U.S. shortly.

The Conference Board's consumer confidence for December is due tomorrow, followed by weekly jobless claims on Thursday.

The President Donald Trump signed the $1.5 trillion tax bill into law on Friday, marking a significant victory after attaining power. Trump mentioned the tax package as the "biggest tax cuts and reform in our country."

The currency held steady against its major counterparts in the Asian session.

The greenback rose to 1.1848 against the euro, after having dropped to 1.1876 at 2:45 am ET. If the greenback extends rise, 1.17 is possibly seen as its next resistance level.

The greenback climbed to an 8-day high of 0.9915 against the Swiss franc, following a decline to 0.9887 at 3:00 am ET. The greenback is seen finding resistance around the 1.00 area.

The greenback reversed from an early low of 1.3376 against the pound, rising to 1.3355. The next possible resistance for the greenback is seen around the 1.32 mark.

The greenback edged up to 0.7010 against the kiwi and 0.7713 against the aussie, from its early more than 2-month low of 0.7035 and a 1-1/2-month low of 0.7722, respectively. On the upside, 0.69 and 0.76 are likely seen as the next resistance levels for the greenback against the kiwi and the aussie, respectively.

Having fallen to 1.2711 against the loonie at 3:10 am ET, the greenback reversed direction and advanced to 1.2728. The greenback is likely to target resistance around the 1.29 region.

The greenback briefly rose to 113.33 against the yen at 2:00 am ET and traded sideways since then.

Minutes from the Bank of Japan's October 30-31 meeting showed that most members of the monetary policy board agreed that it was appropriate to pursue powerful monetary easing.

The members agreed that the economy was expanding moderately with upside and downside risks to economic outlook being broadly balanced.

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