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Forex News: Dollar Outperforms Ahead Of U.S. Economic Data

Dollar Outperforms Ahead Of U.S. Economic Data

05/03/2021 - 03:33:00 (RTTNews)

(RTTNews) - Monday, the U.S. dollar climbed against its major counterparts at the start of a busy week packed with central bank meetings and top-tier economic data, amid a quiet trading due to public holidays in China and Japan.

The data is expected to show a strong rebound in U.S. activity led by fiscal stimulus and further reopening of the economy.

Monday's data include ISM manufacturing PMI, followed by ADP private sector payrolls on Wednesday. The focus will then shift to the weekly jobless data on Thursday and nonfarm payrolls data on Friday.

Economists expect that nonfarm payrolls grew by 978,000 jobs in April, up from March's gain of 916,000 jobs. Fed Chair Powell will speak in an event hosted by the National Community Reinvestment Coalition later in the day.

Caution prevailed in Asia amid surging COVID-19 cases in some countries such as Japan and India.

The greenback appreciated to a 10-day high of 1.2013 against the euro, while reaching 109.66 against the yen, its strongest level since April 13. The greenback is likely to find resistance around 1.18 against the euro and 112 against the yen. The greenback rose to a 5-day high of 0.9142 against the franc and more than a 2-week high of 1.3801 against the pound, compared to Friday's closing values of 0.9130 and 1.3816,respectively. If the greenback extends rise, 0.94 and 1.34 are possibly seen as its next resistance levels against the franc and the pound, respectively.

The greenback edged up to 0.7706 against the aussie, 0.7156 against the kiwi and 1.2311 against the loonie, off its early lows of 0.7733, 0.7183 and 1.2269, respectively. On the upside, 0.75, 0.70 and 1.25 are possibly seen as its next resistance levels against the aussie, the kiwi and the loonie, respectively.

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

U.S. ISM manufacturing PMI for April and construction spending for March are set for release in the New York session.

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