FOREX TradingCharts.com

Forex News: U.S. Dollar Advances Ahead Of Key Inflation Data

U.S. Dollar Advances Ahead Of Key Inflation Data

11/11/2024 - 12:55:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Monday, as investors await upcoming U.S. inflation data and speeches by Federal Reserve officials for additional clues to the Fed's rate trajectory.

U.S. reports on consumer and producer prices, retail sales and industrial production due later in the week may provide further insights into the health of the world's largest economy as the Presidency and Senate falls into Republican hands, presenting a clear path for Trump to enact any major policy changes.

Trump won a second term as president on a platform of steep import taxes, including tariffs as high as 60 percent on China. The focus is now on how quickly Trump will implement his fiscal and protectionist trade policies.

Federal Reserve Bank of Minneapolis President Neel Kashkari indicated at the weekend that tariffs would hurt long-term inflation if global trade partners were to strike back.

According to CME Fedwatch, traders currently bet on a 65.9 percent chance for a 25-basis point rate cut in December, and a 34.1 percent chance that rates will remain unchanged.

The greenback climbed to near a 7-month high of 1.0628 against the euro and a 5-day high of 1.2855 against the pound, off its early lows of 1.0727 and 1.2925, respectively. The next possible resistance for the currency is seen around 1.06 against the euro and 1.26 against the pound.

The greenback advanced to a 4-day high of 153.94 against the yen and a 3-1/2-month high of 0.8808 against the franc, from its early lows of 152.61 and 0.8751, respectively. The currency is poised to challenge resistance around 156.00 against the yen and 0.89 against the franc.

The greenback touched 1.3950 against the loonie, setting a 5-day high. If the currency rises further, it is likely to test resistance around the 1.40 region.

The greenback recovered to 0.6565 against the aussie and 0.5952 against the kiwi, reversing from its early lows of 0.6598 and 0.5977, respectively. The currency is likely to locate resistance around 0.64 against the aussie and 0.58 against the kiwi.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Swiss Franc Rises Against Most Majors (05 min(s), 52 sec(s) ago)
(RTTNews) - The Swiss franc appreciated against its most major counterparts in the New York sessio ...Full Story»

Canadian Dollar Firms Against Majors (03 min(s), 09 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the New York session on ...Full Story»

Chinese Yuan Falls On Trump Tariff Threats (08 hr(s), 09 min(s), 09 sec(s) ago)
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the European session on Tuesday, ...Full Story»

Pounds Falls On Weak U.K. Employment Data (08 hr(s), 42 min(s), 09 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on T ...Full Story»

Pounds Falls Against Majors (08 hr(s), 54 min(s), 09 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on T ...Full Story»

U.S. Dollar Rises As U.S. President-elect Donald Trump Wins (09 hr(s), 45 min(s), 09 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Tu ...Full Story»

Australian Dollar Falls On U.S. Trump Tariff Threats (13 hr(s), 15 min(s), 09 sec(s) ago)
(RTTNews) - The Australian dollar weakened against other major currencies in the Asian session on ...Full Story»

U.S. Dollar Rises Against Majors (29 min(s), 51 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Tu ...Full Story»

Search

FOREX NEWS

Swiss Franc Rises Against Most Majors

11/12/2024 - 14:32 PM (RTTNews)
(RTTNews) - The Swiss franc appreciated against its most major counterparts in the New York sessio ...Full Story>>

Canadian Dollar Firms Against Majors

11/12/2024 - 13:23 PM (RTTNews)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the New York session on ...Full Story>>

Chinese Yuan Falls On Trump Tariff Threats

11/12/2024 - 05:16 AM (RTTNews)
(RTTNews) - The Chinese yuan weakened against the U.S. dollar in the European session on Tuesday, ...Full Story>>

Pounds Falls On Weak U.K. Employment Data

11/12/2024 - 04:42 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on T ...Full Story>>

Pounds Falls Against Majors

11/12/2024 - 04:30 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on T ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.