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

U.S. Dollar Strengthens Amid Risk Aversion

09/04/2018 - 06:35:00 (RTTNews)

(RTTNews) - The U.S. dollar drifted higher against its major opponents in early European deals on Tuesday amid risk aversion, as rising trade tensions and the sell-off in emerging market currencies, particularly in Argentina and Turkey, spurred the demand of safe-haven assets.

U.S.-China trade tensions remained in focus ahead of looming U.S. tariffs on Chinese imports as early as this week.

Meanwhile, talks between U.S. and Canadian negotiators will resume on Wednesday after they failed to reach an agreement last week.

Investors focus on a slew of U.S. economic data due this week, including ADP private payrolls on Thursday and nonfarm payrolls on Friday for more direction.

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

The greenback advanced to a 6-day high of 0.9740 against the franc and a 5-day high of 111.53 against the yen, from its early lows of 0.9688 and 110.90, respectively. The greenback is poised to find resistance around 0.99 against the franc and 113.00 against the yen.

The greenback strengthened to near 2-week highs of 1.1557 against the euro and 1.2814 against the pound, reversing from its previous lows of 1.1620 and 1.2876, respectively. If the greenback rises further, it may find resistance around 1.13 against the euro and 1.27 against the pound.

The greenback firmed to 2-1/2-year highs of 0.6541 against the kiwi and 0.7158 against the aussie, off its prior low of 0.6607 and a 4-day low of 0.7235, respectively. On the upside, 0.64 and 0.70 are likely seen as the next resistance levels for the greenback against the kiwi and the aussie, respectively.

The greenback hit near a 3-week high of 1.3153 against the loonie, from a low of 1.3090 seen at 5:00 pm ET. The greenback is likely to challenge resistance around the 1.33 level.

Looking ahead, at 8:15 am ET, the Bank of England governor Mark Carney along with MPC members Andrew Haldane, Silvana Tenreyro and Michael Saunders will testify on inflation and the economic outlook before Parliament's Treasury Committee.

In the New York session, Markit's U.S. manufacturing PMI and ISM manufacturing index for August, as well as construction spending for July are scheduled for release.

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