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Forex News: U.S. Dollar Climbs On Powell's Hawkish Remarks

U.S. Dollar Climbs On Powell's Hawkish Remarks

05/18/2022 - 07:45:00 (RTTNews)

(RTTNews) - The U.S. dollar moved up against its most major opponents in the European session on Wednesday, following comments from Federal Reserve President Jerome Powell that the U.S. central bank is determined to keep raising interest rates until there is clear and convincing evidence that inflation moves down.

Speaking at a Wall Street Journal event on Tuesday, Powell said that the Fed won't hesitate to raise rates beyond neutral levels until prices start falling back towards healthy levels again.

The Fed Chair added that "there could be some pain involved to restoring price stability," but the labor market would remain strong, with low unemployment and higher wages.

Solid economic reports on retail sales and industrial production released overnight helped ease concerns about economic growth.

Investors await U.S. housing starts and building permits data due out at 8:30 am ET for more direction.

The greenback rebounded to 0.9985 against the franc and 1.2371 against the pound, up from an early low of 0.9923 and near a 2-week low of 1.2501, respectively. Next key resistance for the greenback is likely seen around 1.02 against the franc and 1.21 against the pound.

The greenback edged up to 1.2852 against the loonie and 1.0494 against the euro, rising from near a 2-week low of 1.2795 and a 1-week low of 1.0564, respectively hit in early deals. The greenback is likely to face resistance around 1.30 against the loonie and 1.02 against the euro.

In contrast, the greenback held steady against the aussie, after rising to 0.6996 from Asian session's 1-week low of 0.7047. The pair had closed Tuesday's deals at 0.7027.

The greenback that recovered to 0.6339 against the kiwi in the previous session wobbled in subsequent deals. At Tuesday's close, the pair was valued at 0.6355.

The greenback was steady against the yen, after having dropped to 128.94 at 12:30 am ET. The pair traded at 129.36 at Tuesday's close.

Looking ahead, Canada inflation data and U.S. building permits and housing starts, all for April, will be featured in the New York session.

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