Forex News: U.S. Dollar Advances As Year-end Approaches

U.S. Dollar Advances As Year-end Approaches

(RTTNews) - The U.S. dollar climbed against its most major counterparts in the New York session on Monday, as U.S. stocks dropped in the final trading week of year.

The pullback on Wall Street partly reflected continued weakness among technology stocks, which may be due to profit taking going into the end of the year.

Treasury yields remained elevated on concerns that President-elect Donald Trump's policies may lift inflation.

ISM manufacturing PMI for December and jobless claims data are due later in the week.

In U.S. economic news, a report released by the National Association of Realtors showed pending home sales surged by much more than expected in the month of November.

NAR said its pending home sales index shot up by 2.2 percent to 79.0 in November after jumping by 1.8 percent to 77.3 in October. Economists had expected pending home sales to climb by 0.7 percent.

The pending home sales index increased for the fourth consecutive month, reaching its highest level since February 2023.

The greenback rose to a 7-month high of 0.9074 against the franc and a 10-day high of 1.0371 against the euro, from an early low of 0.9010 and nearly a 2-week low of 1.0458, respectively. The next possible resistance for the currency is seen around 0.92 against the franc and 1.02 against the euro.

The greenback edged up to 1.2505 against the pound, from an early 10-day low of 1.2607. The currency is likely to challenge resistance around the 1.24 level.

The greenback advanced to 0.6201 against the aussie and 0.5628 against the kiwi, from an early 6-day low of 0.6246 and a 10-day low of 0.5664, respectively. The currency is poised to challenge resistance around 0.61 against the aussie and 0.55 against the kiwi.

In contrast, the greenback fell to a 4-day low of 1.4355 against the loonie and a 1-week low of 156.66 against the yen, from an early high of 1.4433 and a 4-day high of 158.07, respectively. The currency is seen finding support around 1.38 against the loonie and 146.00 against the yen.

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