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Forex News: Dollar Climbs To Over 4-month High Versus Euro

Dollar Climbs To Over 4-month High Versus Euro On Powell's Remarks

02/11/2020 - 10:05:00 (RTTNews)

(RTTNews) - The U.S. dollar spiked up to a multi-month high against the euro in early New York deals on Tuesday, after Federal Reserve Chair Jerome Powell remarked that the economy appeared resilient to the global headwinds and the current stance of monetary policy would remain appropriate.

The greenback rallied to more than a 4-month peak versus the euro and a 1-1/2-month high against the franc following Powell's remarks.

In prepared remarks to the House Committee on Financial Services, Powell said that some of the trade uncertainties have waned recently, but risks to the outlook remain.

The Fed is closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy, he said.

The Fed chief noted that the current stance of monetary policy would support continued economic growth, a strong labor market, and inflation returning to the 2 percent objective.

"As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy will likely remain appropriate," he added.

The greenback hit more than a 4-month peak of 1.0891 versus the euro and a 1-1/2-month high of 0.9789 against the franc, from Monday's closing values of 1.0911 and 0.9773,respectively. Next key resistance for the greenback is seen around 1.07 versus the euro and 1.00 against the franc.

The greenback, though, retreated to 109.75 versus the yen, from a 4-day high of 109.95 set at 3:00 am ET. If the greenback slides further, 108.00 is likely seen as its next support level.

Meanwhile, the greenback fell to a 5-day low of 1.2961 against the pound, compared to yesterday's closing quote of 1.2915. The next possible support for the greenback is seen around the 1.32 level.

Data from the Office for National Statistics showed that the UK economy logged flat growth in the fourth quarter.

Gross domestic product remained unchanged on quarter, as expected, after expanding 0.5 percent in the third quarter.

The greenback was weaker against the loonie and the kiwi, reaching 1.3288 and 0.6409, down from its early high of 1.3320 and a 3-month high of 0.6378, respectively. The greenback may locate support around 1.30 against the loonie and 0.66 versus the kiwi.

The greenback fell to a 4-day low of 0.6725 against the aussie, from yesterday's closing quote of 0.6686. The greenback is poised to challenge support around the 0.71 mark.

Data from the Australian Bureau of Statistics showed that Australia's home loans rose in December.

The new loan commitments for housing rose a seasonally adjusted 4.4 percent month-on-month in December. On an annual basis, loans increased 14.0 percent.

Looking ahead, at 10:35 am ET, Bank of England Governor Mark Carney will testify before the House of Lords Economic Affairs Committee in London.

Federal Reserve Governor Randal Quarles will give a speech about bank supervision at the Yale Law School Dean's Lecture in Connecticut at 12:15 pm ET.

For comments and feedback: contact editorial@rttnews.com

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