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Forex News: U.S. Dollar Strengthens On Fed Minutes

U.S. Dollar Strengthens On Fed Minutes

08/23/2018 - 03:53:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major opponents in the Asian session on Thursday, as the minutes from the latest Fed meeting showed Federal Reserve officials said that a strengthening economy meant that it is appropriate to raise their benchmark interest rate "soon."

"Many participants suggested that if incoming data continued to support their current economic outlook, it would likely soon be appropriate to take another step in removing policy accommodation," the minutes from the July 31-August 1 meeting showed.

The minutes, however, expressed deep concern that a major escalation in ongoing trade disputes could hurt the economy.

"All participants pointed to ongoing trade disputes as an important source of uncertainty and risks," the minutes showed.

Federal Reserve Chairman Jerome Powell will deliver a key policy address at the Fed's annual gathering in Jackson Hole, Wyoming, on Friday. He will speak on topic "Monetary Policy in a Changing Economy."

The greenback climbed to 2-day highs of 1.1542 against the euro and 1.2856 against the pound, reversing from its early lows of 1.1600 and 1.2919, respectively. If the greenback rises further, 1.13 and 1.27 are likely seen as its next resistance levels against the euro and the pound, respectively.

The greenback reversed from its early lows of 0.6701 against the kiwi and 1.2992 against the loonie, rising to 2-day highs of 0.6662 and 1.3046, respectively. On the upside, 0.65 and 1.32 are possibly seen as the next resistance levels for the greenback against the kiwi and the loonie, respectively.

The greenback strengthened to 6-day highs of 0.7283 against the aussie and 110.93 against the yen, coming off from its early lows of 0.7355 and 110.52, respectively. The next likely resistance for the greenback is seen around 0.71 against the aussie and 112.00 against the yen.

The greenback edged up to a session's high of 0.9854 against the franc, after having fallen to 0.9826 at 6:45 pm ET. The greenback is likely to challenge resistance around the 1.00 level.

Looking ahead, PMIs from major European economies are due in the European session.

At 7:30 am ET, the European Central Bank releases minutes from July 25-26 monetary policy meeting.

In the New York session, U.S. weekly jobless claims for the week ended August 18, house price index for June, new home sales for July, Markit's preliminary manufacturing PMI for August are slated for release.

At 10:00 am ET, Eurozone advanced consumer confidence index for August will be out.

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