FOREX TradingCharts.com

Forex News: U.S. Dollar Strengthens On Growing Hopes For Dec.

U.S. Dollar Strengthens On Growing Hopes For Dec. Rate Hike

09/27/2017 - 03:55:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major opponents in Asian session on Wednesday on growing hopes for a December rate hike, following remarks from the Fed Chair Janet Yellen against moving too slowly on interest rates.

"My colleagues and I may have misjudged the strength of the labor market, the degree to which longer-run inflation expectations are consistent with our inflation objective, or even the fundamental forces driving inflation," Yellen said a meeting of the National Association for Business Economics in Cleveland on Tuesday.

Yellen indicated that "downward pressures on inflation could prove to be unexpectedly persistent."

"Without further modest increases in the federal funds rate over time, there is a risk that the labor market could eventually become overheated, potentially creating inflationary problems down the road that might be difficult to overcome without triggering a recession," Yellen said.

Investors awaited the announcement of a tax reform by the U.S. President Donald Trump and Republican leaders later in the day. The administration is proposing to slash the corporate tax rate to 20 percent from current 35 percent and individual tax rate to 35 percent with the possibility of imposing higher tax rate to the wealthy.

The currency has been trading in a positive territory on Tuesday.

The greenback advanced to a 5-week high of 1.1742 against the euro and a 2-day high of 0.9741 against the franc, from yesterday's closing values of 1.1792 and 0.9687, respectively. The next possible resistance for the greenback is seen around 1.16 against the euro and 0.98 against the franc.

The greenback spiked up to near a 2-week high of 1.3364 against the pound and a 6-week high of 0.7846 against the aussie, from Tuesday's closing values of 1.3457 and 0.7883, respectively. On the upside, 1.33 and 0.77 are likely seen as the next resistance levels for the greenback against the pound and the aussie, respectively.

The greenback firmed to 112.78 against the Japanese yen, its strongest since July 2017. The greenback is poised to challenge resistance around the 113.5 zone.

The greenback edged up to 1.2389 against the loonie and 0.7177 against the kiwi, off its early lows of 1.2339 and 0.7216,respectively. Further uptrend may take the greenback to resistance levels of around 1.25 against the loonie and 0.70 against the kiwi.

Looking ahead, Eurozone M3 money supply for August is due.

In the New York session, U.S. durable goods orders and pending home sales for August are set for release.

Bank of Canada Governor Stephen S. Poloz speaks at St. John's Board of Trade in Newfoundland, Canada at 12:00 pm ET.

At 1:30 pm ET, Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before an event hosted by Truman State University, Missouri.

Federal Reserve Board Governor Lael Brainard speaks on "Labor Market Disparities and the Mission of the Federal Reserve" before conference, "Banking and the Economy: A Forum for Minority Bankers" hosted by the Federal Reserve Bank of Kansas City at 2:00 pm ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed On Light Data Day (52 min(s), 49 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story»

Euro Little Changed After Eurozone Consumer Sentiment Index (58 min(s), 49 sec(s) ago)
(RTTNews) - Following the release of Eurozone preliminary consumer sentiment index for October at ...Full Story»

Loonie Little Changed After Canada Wholesale Sales (28 min(s), 49 sec(s) ago)
(RTTNews) - Following the release of Canada wholesale sales for August at 8:30 am ET Monday,the lo ...Full Story»

Loonie Falls Vs Most Majors Ahead Of Canada Wholesale Sales (19 min(s), 49 sec(s) ago)
(RTTNews) - At 8:30 am ET Monday, Statistics Canada will release Canada wholesale sales for August ...Full Story»

Canadian Dollar Climbs On Higher Oil Prices (49 min(s), 49 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European sessi ...Full Story»

Euro Declines Amid Catalonia Tensions (46 min(s), 50 sec(s) ago)
(RTTNews) - The euro slipped against its major counterparts in early European deals on Monday, as ...Full Story»

Euro Slides Against Majors (40 min(s), 49 sec(s) ago)
(RTTNews) - The euro weakened against its key counterparts in early European deals on Monday. ...Full Story»

NZ Dollar Rises Amid Risk Appetite After Abe's Win (01 min(s), 49 sec(s) ago)
(RTTNews) - The New Zealand dollar climbed against its major opponents in the Asian session on Mon ...Full Story»

Search

FOREX NEWS

Dollar Little Changed On Light Data Day

10/23/2017 - 14:59 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story>>

Euro Little Changed After Eurozone Consumer Sentiment Index

10/23/2017 - 10:04 AM (RTTNews)
(RTTNews) - Following the release of Eurozone preliminary consumer sentiment index for October at ...Full Story>>

Loonie Little Changed After Canada Wholesale Sales

10/23/2017 - 08:34 AM (RTTNews)
(RTTNews) - Following the release of Canada wholesale sales for August at 8:30 am ET Monday,the lo ...Full Story>>

Loonie Falls Vs Most Majors Ahead Of Canada Wholesale Sales

10/23/2017 - 08:25 AM (RTTNews)
(RTTNews) - At 8:30 am ET Monday, Statistics Canada will release Canada wholesale sales for August ...Full Story>>

Canadian Dollar Climbs On Higher Oil Prices

10/23/2017 - 07:55 AM (RTTNews)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European sessi ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.