Forex News: U.S. Dollar Advances After PMI Data

U.S. Dollar Advances After PMI Data

(RTTNews) - The U.S. dollar moved up against its major counterparts in the New York session on Monday, following the release of strong services PMI for March.

Flash survey results from S&P Global showed that the services PMI climbed to 54.3 from 51 in February.

By contrast, the manufacturing PMI dropped to 49.8 from 52.7 in the previous month.

Meanwhile, President Donald Trump plans to hold back some of the reciprocal tariffs set to take effect on April 2nd.

A report from the Wall Street Journal said Trump is narrowing his approach to the tariffs, likely omitting a set of industry-specific tariffs.

The greenback climbed to more than a 2-week high of 1.0781 against the euro and a 10-day high of 0.5710 against the kiwi. The greenback may face resistance around 1.03 against the euro and 0.55 against the kiwi.

The greenback advanced to a 1-week high of 0.8845 against the franc and a 3-week high of 150.75 against the yen. The currency is poised to challenge resistance around 0.92 against the franc and 152.00 against the yen.

The greenback recovered to 1.2922 against the pound, from an early 4-day low of 1.2973. This may be compared to an early nearly 2-week high of 1.2885. If the currency continues its uptrend, 1.24 is possibly seen as its next resistance level.

The greenback rebounded against the aussie and was trading at 0.6278. The currency is seen finding resistance around the 0.61 level.

In contrast, the greenback fell to a 6-day low of 1.4289 against the loonie. The currency is poised to challenge support around the 1.38 level.

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