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Forex News: U.S. Dollar Spikes Up Ahead Of Fed Meeting

U.S. Dollar Spikes Up Ahead Of Fed Meeting

05/01/2018 - 06:45:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Tuesday, as investors awaited the two-day FOMC meeting that begins today to watch whether a rate hike is on the cards in June.

The Fed will conclude its meeting on Wednesday, with economists widely expecting it to keep federal funds rate unchanged at 1.50-1.75 percent. This meeting does not have a press conference.

Investors look forward to the Fed statement for more clues about the pace of future rate hikes this year.

As the Fed had already signaled the possibility of at least two more hikes this year, investors will be watching for hints of a rate hike in June.

Further, sentiment bolstered on news that the U.S. has extended the May 1 deadline on steel and aluminium tariff exemptions for its allies by one month.

The currency has been trading in a positive territory against its major rivals in the Asian session.

The greenback advanced to 3-1/2-month highs of 1.2028 against the euro and 1.3667 against the pound, from its early lows of 1.2084 and 1.3773, respectively. If the greenback rises further, it may find resistance around 1.19 against the euro and 1.34 against the pound.

The greenback climbed to near a 3-month high of 109.66 against the yen and a 4-1/2-month high of 0.9940 against the franc, reversing from its early lows of 109.24 and 0.9900, respectively. The greenback is likely to find resistance around 110.00 against the yen and 1.01 against the franc.

The greenback recovered to 1.2868 against the loonie, from a low of 1.2821 hit at 12:30 am ET. The next possible resistance for the greenback is seen around the 1.30 level.

The greenback strengthened to a 4-1/2-month high of 0.7507 against the aussie and more than a 4-month high of 0.7012 against the kiwi, off its early lows of 0.7547 and 0.7041, respectively. The greenback is seen challenging resistance around 0.74 against the aussie and 0.69 against the kiwi.

Looking ahead, Canada GDP for February, U.S. ISM manufacturing index for April and construction spending for March are due in the New York session.

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