Forex News: U.S. Dollar Advances Amid Strong Economic Data

U.S. Dollar Advances Amid Strong Economic Data

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the New York session on Tuesday, as economic data came in above estimates and Federal Reserve Chair Jerome Powell maintained a data-dependent approach to rate cuts.

The ISM manufacturing PMI edged up to 49.0 in June from 48.5 in May. Economists had expected the index to rise to 48.8.

U.S. job openings rose to 7.77 million in May, up from April's reading of 7.39 million. The reading was forecast to rise to 7.32 million.

Speaking at a central banking forum in Sintra, Portugal, Powell said that the central bank would have lowered interest rates by now if not for President Donald Trump's tariff policy.

The greenback rose to 1.1761 against the euro and 1.3667 against the loonie, from an early nearly 4-year low of 1.1829 and a 2-week low of 1.3591, respectively. The currency is poised to find resistance around 1.13 against the euro and 1.39 against the loonie.

The greenback edged up to 1.3702 against the pound and 0.7943 against the franc, from an early 3-1/2-year low of 1.3788 and nearly a 14-year low of 0.7872, respectively. The currency may find resistance around 1.34 against the pound and 0.88 against the franc.

The greenback recovered to 143.79 against the yen, 0.6561 against the aussie and 0.6081 against the kiwi, from an early nearly 4-week low of 142.67, 7-1/2-month low of 0.6590 and nearly a 9-month low of 0.6120, respectively. The next possible resistance for the currency is seen around 148.00 against the yen, 0.63 against the aussie and 0.59 against the kiwi.

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