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Forex News: Dollar Strengthens On U.S. Stimulus Hopes

Dollar Strengthens On U.S. Stimulus Hopes

07/28/2020 - 04:09:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major opponents in the Asian session on Tuesday, amid hopes of further stimulus from the U.S. government and ahead of a Federal Reserve meeting that is likely to retain its accommodative monetary policy.

The Fed kicks off its two-day meeting later in the day, although no change in policy is expected.

Investors focus on a press conference by Chairman Jerome Powell for more indications about the policy outlook.

U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package that slashes unemployment benefits from the current $600 per week to $200, generating swift backlash from Democrats.

The proposal extends the paycheck protection programme, which is scheduled to expire on August 8.

Senate Majority Leader Mitch McConnell urged Democrats to compromise with Republicans on the plan, as unemployment benefits will expire at the end of this week.

On economic front, U.S. consumer sentiment index and S&P/Case-Shiller home price index are due later in the day.

The greenback edged higher to 0.9226 against the franc and 1.1714 against the euro, after dropping to 0.9193 and 1.1774, respectively in early deals. Next immediate resistance for the greenback is possibly seen around 0.95 against the franc and 1.10 against the euro.

Reversing from its early low of 105.22 against the yen and a 4-1/2-month low 1.2904 against the pound, the greenback climbed to 105.69 and 1.2844, respectively. The greenback is poised to find resistance around 109.00 against the yen and 1.26 against the pound.

The greenback firmed to 0.7120 against the aussie, 0.6639 against the kiwi and 1.3385 against the loonie, off an early 6-day low of 0.7177, near 7-month low of 0.6703 and a 1-1/2-month low of 1.3331, respectively. On the upside, 0.68, 0.62 and 1.35 are likely seen as the next resistance levels for the greenback against the aussie, the kiwi and the loonie, respectively.

Looking ahead, U.S. consumer sentiment index for July and S&P/Case-Shiller home price index for May are scheduled for release in the New York session.

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