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

U.S. Dollar Trades Higher Against Most Majors

08/07/2019 - 09:21:00 (RTTNews)

(RTTNews) - The U.S. dollar traded higher against its most major counterparts in the European session on Wednesday, as fears over a full-blown currency war receded and investors cheered dovish policy action by three Asian central banks to support their economies from a global slowdown.

China's central bank set its reference rate for the yuan below the psychologically important 7-per-dollar level. Investors welcomed indications of China stepping in to steady the yuan that could prevent the trade war from turning into a currency war.

Speaking to CNBC, President Donald Trump's top economic adviser Larry Kudlow said that the U.S-China trade talks are likely to resume in September.

The U.S. is willing to negotiate, he said, adding that the President and his team is planning for a Chinese visit in September.

The central banks of New Zealand, India and Thailand surprised markets by delivering interest rate cuts than had been expected.

While NZ's central bank unexpectedly reduced its benchmark rate to a record low, the Bank of Thailand and the Reserve Bank of India also joined global easing to cope up with slowing economic growth.

On the economic front, U.S. consumer credit for June is due at 3:00 pm ET.

The currency slipped against its major opponents in the Asian session.

The greenback appreciated to a 2-day high of 0.9797 against the franc from Tuesday's closing value of 0.9764. If the greenback rises further, 0.99 is likely seen as its next resistance level.

The greenback rose to 1.1179 against the euro, from a low of 1.1220 hit at 9:45 pm ET. On the upside, 1.10 is possibly seen as the next resistance level for the greenback.

Data from Destatis showed that Germany's industrial production declined more than expected in June.

Industrial production fell 1.5 percent on a monthly basis in June, reversing a revised 0.1 percent rise in May. Output was forecast to drop moderately by 0.5 percent.

The U.S. currency strengthened to a 2-day high of 1.2122 against the pound from yesterday's closing quote of 1.2161. The currency is likely to face resistance around the 1.20 level.

Figures from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices decreased for the second straight month in July.

House prices fell unexpectedly by 0.2 percent month-on-month in July, after falling 0.4 percent in June. This was the second consecutive drop in prices. Economists had forecast a 0.3 percent rise.

The greenback climbed to 1.3337 against the loonie, its highest since June 19. The greenback is seen finding resistance around the 1.35 level.

The greenback held steady against the aussie amd the kiwi, after having advanced to more than a 10-year high of 0.6677 and a 3-1/2-year high of 0.6377, respectively in the Asian session. The greenback had ended Tuesday's trading at 0.6759 against the aussie and 0.6524 versus the kiwi.

In contrast, the greenback declined to 105.71 against the Japanese currency, compared to 106.46 hit late New York Tuesday. The greenback is poised to find support around the 104.00 region.

Looking ahead, U.S. consumer credit for June and Canada Ivey PMI for July are scheduled for release in the New York session.

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