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Forex News: U.S. Dollar Advances On Middle East Tensions, Strong

U.S. Dollar Advances On Middle East Tensions, Strong ADP Data

10/02/2024 - 13:39:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major counterparts in the New York session on Wednesday, amid heightened geopolitical tensions in the Middle East and stronger-than-expected ADP employment data for September.

Israeli Prime Minister Netanyahu vowed to retaliate against Iran following missile strikes on Tel Aviv.

Iran fired nearly 200 missiles at Israel on Tuesday in retaliation for the killing of Hezbollah leader Hassan Nasrallah last week.

Iran warned that any Israeli response to the missile attacks would trigger further escalation of the conflict.

Data from payroll processor ADP showed that private sector employment climbed by 143,000 jobs in September after rising by an upwardly revised 103,000 jobs in August.

Economists had expected private sector employment to advance by 120,000 jobs compared to the addition of 99,000 jobs originally reported for the previous month.

The greenback strengthened to near a 3-week high of 1.1032 against the euro and a 6-day high of 0.8507 against the franc, off its early lows of 1.1082 and 0.8449, respectively. The currency is seen finding resistance around 1.08 against the euro and 0.90 against the franc.

The greenback climbed to a 5-day high of 146.26 against the yen and a 6-day high of 0.6261 against the kiwi, from its early lows of 143.42 and 0.6313, respectively. The currency is poised to challenge resistance around 149.00 against the yen and 0.60 against the kiwi.

The greenback rose to 1.3245 against the pound. Immediate resistance for the currency is seen around the 1.28 level.

The greenback recovered to 0.6877 against the aussie following the data. The currency is likely to locate resistance around the 0.64 level.

In contrast, the greenback fell to a 5-day low of 1.3472 against the loonie. The currency may challenge support around the 1.32 level.

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