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Forex News: U.S. Dollar Trades Higher Against Majors

U.S. Dollar Trades Higher Against Majors

06/26/2018 - 10:22:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Tuesday, as White House Trade Adviser Peter Navarro played down the possibility of immediate investment restrictions on China or any other trade partners.

Navarro told CNBC on Monday that markets were overreacting to Trump's plans to impose investment restrictions and no specific countries are being targeted at present.

"There's no plans to impose investment restrictions on any countries that are interfering in any way with our country. This is not the plan."

His comments came following a Wall Street Journal report that Trump plans to bar many Chinese companies from investing in U.S. technology firms.

Meanwhile, China and the European Union pledged to oppose trade protectionism and unilateralism, calling Trump's actions "totally unacceptable" and an "act of extreme pressure and blackmail."

The currency was trading lower against its major opponents in the Asian session.

The greenback climbed to a 4-day high of 0.9899 against the franc, from a low of 0.9858 hit at 10:15 pm ET. The greenback is poised to challenge resistance around the 0.995 level.

The greenback was trading in a positive territory against the yen with the pair trading at 109.71. This may be compared to a low of 109.37 hit at 10:00 pm ET. The next likely resistance for the greenback is seen around the 111.00 level.

Data from the Bank of Japan showed that Japan producer prices rose 1.0 percent on year in May.

That was in line with expectations and unchanged from the April reading following an upward revision from 0.9 percent.

The greenback advanced to a 5-day high of 1.3207 against the pound, off its early 4-day low of 1.3292. The greenback is seen finding resistance around the 1.30 region.

Data from UK Finance showed that UK mortgage approvals increased to a four-month high in May.

The number of mortgage approvals increased to 39,244 in May from 38,327 in April. This was the highest since January and above the expected level of 38,250.

Reversing from an early near a 2-week low of 1.1720 against the euro, the greenback edged up to 1.1651. Next key resistance is possibly seen at 1.15 for the greenback.

The greenback spiked up to multi-day highs of 0.7382 against the aussie and 0.6853 against the kiwi, from yesterday's closing values of 0.7414 and 0.6896,respectively. On the upside, 0.72 and 0.67 are possibly seen as the next resistance levels for the greenback against the aussie and the kiwi, respectively.

On the flip side, the greenback retreated to 1.3289 against the loonie, after having advanced to a 4-day high of 1.3329 at 8:00 am ET. If the greenback falls further, 1.31 is likely seen as its next support level.

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