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Forex News: U.S. Dollar Advances Before Holiday Break

U.S. Dollar Advances Before Holiday Break

12/24/2019 - 04:48:00 (RTTNews)

(RTTNews) - The U.S. dollar gained against its most major counterparts in early European deals on Tuesday in thin trading on the occasion of Christmas Eve.

Trading remained tight heading into the holiday break and amid a lack of fresh fundamental catalysts.

Traders await developments on the trade front after China announced plans to lower tariffs on a range of products and U.S. President Donald Trump said an initial U.S.-China trade pact would be signed soon.

Further, Chinese Premier Li Keqiang said the government will study taking more measures to lower financing costs for smaller companies.

In economic releases, the Richmond Fed manufacturing index for December is scheduled for release later in the day. The index is seen rising 1 point, compared to a drop of 1 point in the previous month.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the franc and the yen, it held steady against the euro and the pound.

The greenback hit a 1-week high of 0.9831 versus the franc, from a low of 0.9811 seen at 5:00 pm ET. The currency may locate resistance around the 1.01 region, if it rises again.

Reversing from its early lows of 1.2948 against the pound and 1.1094 against the euro, the greenback edged up to 1.2922 and 1.1080, respectively. Further rally may take the greenback to resistance levels of around 1.28 against the pound and 1.08 against the euro.

The greenback gained to 1.3160 against the loonie, from a low of 1.3141 set at 5:30 pm ET. Next key resistance for the greenback is seen around the 1.33 level.

In contrast, the greenback held steady against the yen, after having pulled back from a high of 109.44 recorded at 7:45 pm ET. At yesterday's close, the pair was worth 109.39.

The minutes from the Bank of Japan's meeting held on October 30 and 31 showed that a few board members of the bank shared the view that the central bank should not only conduct monetary policy but also enhance its cooperation with the government in terms of economic policies and prepare for the next economic downturnk.

A different member pointed out that the BoJ should continue to examine whether additional monetary easing would be necessary.

The greenback dropped to 0.6641 against the kiwi, its lowest since July 29. If the currency drops further, it may challenge support around the 0.68 level.

The greenback fell back to 0.6924 against the aussie, on track to break an 11-day low of 0.6930 seen at 7:00 pm ET. The greenback is seen finding support around the 0.71 level.

Looking ahead, Richmond Fed manufacturing index for December is due out in the New York session.

For comments and feedback: contact editorial@rttnews.com

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