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Forex News: U.S. Dollar Advances Following Strong PMI Data

U.S. Dollar Advances Following Strong PMI Data

06/21/2024 - 12:32:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the New York session on Friday, as the nation's private sector activity accelerated in June, marking the highest level since April 2022.

Flash PMI data from S&P Global showed that U.S. composite PMI reached a twenty six-month high in June, rising to 54.6 from 54.5.

The services PMI increased to 55.1 from 54.8 and manufacturing PMI advanced to 51.7 from 51.3. Both of these readings exceeded expectations.

Prospects for further policy divergence strengthened as the Swiss National Bank delivered another rate cut and the Bank of England signaled its first rate cut in August.

On the other hand, the Fed is expected to start reducing interest rates in September and again deliver one more rate cut in November or December.

The greenback climbed to more than a 5-week high of 1.2621 against the pound, 1-week high of 0.8945 against the franc and near a 2-month high of 159.62 against the yen, off its early lows of 1.2673, 0.8903 and 158.66, respectively. The greenback is seen finding resistance around 1.24 against the pound, 0.92 against the franc and 160.00 against the yen.

The greenback touched 0.6636 against the aussie and 0.6111 against the kiwi, setting 3-day highs. The currency is likely to locate resistance around 0.64 against the aussie and 0.60 against the kiwi.

The greenback rose to 1.3718 against the loonie, from an early 2-week low of 1.3674. Next key resistance for the currency is seen around the 1.39 level.

The greenback advanced to a 1-week high of 1.0670 against the euro and held steady thereafter. If the greenback continues its uptrend, 1.05 is possibly seen as its next resistance level.

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