Forex News: U.S. Dollar Advances After Hot PCE Data

U.S. Dollar Advances After Hot PCE Data

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the New York session on Friday, after a data showed that the Federal Reserve's preferred gauge of inflation accelerated in May.

The personal consumption expenditures price index rose 0.1 percent on a monthly basis in May, matching estimates and the prior month's reading.

On an annual basis, the PCE price index increased 2.3 percent in May, in line with forecasts and following an increase of 2.2 percent in April.

The core PCE price index edged up 0.2 percent month-on-month and 2.7 percent year-over-year, beating expectations.

The data reduced the possibility of a rate cut by the Fed anytime soon.

The greenback rose to 144.94 against the yen and 1.3682 against the pound. The currency may find resistance around 148.00 against the yen and 1.34 against the pound.

The greenback advanced to a 4-day high of 1.3759 against the loonie. If the currency rises further, it is likely to find resistance around the 1.38 level.

The greenback recovered to 1.1687 against the euro and 0.8007 against the franc, from an early nearly 4-year low of 1.1753 and nearly a 14-year low of 0.7957, respectively. The currency is poised to find resistance around 1.13 against the euro and 0.90 against the franc.

The greenback edged up to 0.6508 against the aussie and 0.6037 against the kiwi, from an early low of 0.6561 and a 10-day low of 0.6078, respectively. The next possible resistance for the currency is seen around 0.63 against the aussie and 0.58 against the kiwi.

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