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Forex News: U.S. Dollar Advances In Cautious Trade

U.S. Dollar Advances In Cautious Trade

01/15/2024 - 08:41:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Monday amid risk aversion, as investors focus on the annual World Economic Forum meeting in Davos, Switzerland.

The WEF's annual meeting kicked off in Davos, where the spotlight will be on a raft of speeches by policy makers.

After officials last week attempted to temper any expectation of a looming rate cut, investors now look ahead to U.S. reports on retail sales, industrial production, import and export prices, housing starts and consumer sentiment along with a speech by Federal Reserve Governor Christopher Waller this week for further direction.

Oil prices slipped after surging more than 2 percent in the previous week to touch their highest intraday levels this year after the United States and Britain carried out the strikes on the Houthi forces in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea.

U.S. markets will be closed on account of Martin Luther King Day.

The greenback firmed to 4-day highs of 145.90 against the yen, 1.2712 against the pound and 1.0933 against the euro, off its early lows of 144.83, 1.2765 and 1.0967, respectively. The next possible resistance for the currency is seen around 149.00 against the yen, 1.24 against the pound and 1.06 against the euro.

The greenback appreciated to 4-day highs of 0.6651 against the aussie and 1.3425 against the loonie, from its early lows of 0.6704 and 1.3381, respectively. The greenback may find resistance around 0.64 against the aussie and 1.36 against the loonie.

The greenback touched 0.6183 against the kiwi, its highest level since January 5. The greenback is likely to find resistance around the 0.60 level.

The greenback edged up against the franc and was trading at 0.8538. On the upside, 0.90 is possibly seen as its next resistance level.

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