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Forex News: U.S. Dollar Appreciates On Higher Treasury Yields

U.S. Dollar Appreciates On Higher Treasury Yields

09/06/2021 - 07:35:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its key counterparts in the European session on Monday, as U.S. treasury yields rose after Friday's jobs data showed that wage growth accelerated more than expected in August.

The U.S. economy added 235,000 jobs in August, compared to expectations of 750,000 jobs.

The unemployment rate fell to 5.2 percent in August from 5.4 percent in July.

Wage growth accelerated to 0.6 percent in August from 0.4 percent in July. The rate was above the expected 0.3 percent.

The data triggered doubts about a delay in the Fed's plan to reduce bond purchases at its meeting later this month.

The U.S. markets will remain closed on account of the Labor Day holiday.

The greenback edged up to 1.3832 against the pound and 109.95 against the yen, up from its prior low of 1.3868 and a session's low of 109.59, respectively. The currency is likely to find resistance around 1.36 against the pound and 111.00 against the yen.

The greenback touched 4-day highs of 1.1856 against the euro and 0.9164 against the franc, rising from its previous lows of 1.1886 and 0.9127, respectively. Next likely resistance for the greenback is seen around 1.17 against the euro and 0.93 against the franc.

The greenback rebounded from its early lows of 0.7456 against the aussie and 0.7158 against the kiwi and was trading higher at 0.7426 and 0.7128, respectively. If the greenback rises further, 0.73 and 0.70 are likely seen as its next resistance levels against the aussie and the kiwi, respectively.

The greenback hit a session's high of 1.2559 against the loonie, following a low of 1.2515 touched at 5 pm ET. On the upside, 1.27 is likely seen as its next resistance level.

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