Forex News: U.S. Dollar Appreciates Amid Strong Import And Export

U.S. Dollar Appreciates Amid Strong Import And Export Prices

(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session on Friday, after data showed a bigger than expected increase in the nation's import and export prices for August.

Data from the Labor Department showed that import prices climbed by 0.5 percent in August after a downwardly revised 0.1 percent uptick in July.

Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

Export prices spiked by 1.3 percent in August after climbing by a downwardly revised 0.5 percent in July.

Economist had expected export prices to increase by 0.3 percent compared to the 0.7 percent advance originally reported for the previous month.

New York manufacturing activity has seen a substantial turnaround in the month of September, according to a report released by the Federal Reserve Bank of New York.

The New York Fed said its general business conditions index surged to a positive 1.9 in September from a negative 19.0 in August, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to climb to a negative 10.0.

The greenback climbed to more than a 3-month high of 1.2388 against the pound and more than a 2-month high of 0.8973 against the franc, off its early lows of 1.2445 and 0.8944, respectively. The currency is seen facing resistance around 1.22 against the pound 0.92 against the franc.

The greenback recovered to 1.3549 against the loonie and 0.6435 against the aussie, from an early low of 1.3493 and an 11-day low of 0.6473, respectively. Next key resistance for the currency may be located around 1.37 against the loonie and 0.63 against the aussie.

The greenback touched 0.5898 against the kiwi, setting a 2-day high. On the upside, 0.57 is possibly seen as its next resistance level.

The greenback remained firm against the yen, after hitting more than a 10-month high of 147.95 at 6:55 am ET. The greenback may challenge resistance around the 152.00 level.

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