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Forex News: U.S. Dollar Spikes Up As Fed Affirms Additional

U.S. Dollar Spikes Up As Fed Affirms Additional Rate Hikes

08/02/2018 - 03:39:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the Asian session on Thursday, after the Federal Reserve left its interest rate unchanged and indicated that "economic activity has been rising at a strong rate," affirming the possibility of further rate hikes in September and December.

Citing realized and expected labor market conditions and inflation, the Fed said it decided to maintain the target range for the federal funds rate at 1.75 to 2 percent.

The unanimous decision to leave rates unchanged came after the Fed raised rates by a quarter point in June.

The Fed said economic activity has been rising at a "strong rate," compared to the assessment in June that economic activity had been rising at a "solid rate."

The U.S. Labor Department's closely watched jobs report is due on Friday, and is predicted to show improvement in employment and wage growth.

The greenback advanced to 6-day highs of 1.1636 against the euro, 0.7379 against the aussie and 0.6773 against the kiwi, from its early lows of 1.1668, 0.7411 and 0.6798, respectively. The next likely resistance for the greenback is seen around 1.15 against the euro, 0.72 against the aussie and 0.66 against the kiwi.

The greenback reversed from an early low of 1.2994 against the loonie, rising to 1.3018. On the upside, 1.32 is possibly seen as the next resistance level for the greenback.

The greenback appreciated to a 2-day high of 1.3092 against the pound, from a low of 1.3129 seen at 7:15 pm ET. If the greenback rises further, 1.29 is likely seen as its next resistance level.

Having fallen to 0.9916 against the franc at 6:45 pm ET, the greenback reversed direction and strengthened to a 3-day high of 0.9943. Continuation of the greenback's uptrend may see it challenging resistance around the 1.01 region.

The greenback recovered to 111.74 against the Japanese currency, from a low of 111.52 hit at 11:45 pm ET. Next key resistance for the greenback is likely seen around the 114.00 level.

Data from the Bank of Japan showed that Japan's monetary base rose 7.0 percent on year in July, coming in at 497.639 trillion yen.

That follows the 7.4 percent jump in June.

Looking ahead, U.K. construction PMI for July and Eurozone PPI for June are due in the European session.

At 7:00 am ET, the Bank of England announces its decision on interest rates. Economists expect the central bank to hike its benchmark rate to 0.75 percent, while maintaining asset purchases at GBP 435 billion.

In the New York session, U.S. weekly jobless claims for the week ended July 28, factory orders and durable goods orders for June are scheduled for release.

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