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Forex News: U.S. Dollar Climbs On Trade Optimism

U.S. Dollar Climbs On Trade Optimism

01/13/2020 - 07:51:00 (RTTNews)

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on Monday, as investors awaited the signing of the Phase 1 trade deal between the U.S. and China due this week.

The deal due to be signed at the White House on Wednesday is likely to include a commitment from China to increase agricultural products and implement economic reforms as well as some relief to China's aquatic exports to the U.S.

Chinese delegation headed by Vice Premier Liu He will visit Washington from today to sign the deal.

The interim deal signals a de-escalation in a trade war that threatens to dampen global economic growth.

The looming U.S. corporate earnings season also remained on investors' radar, with the big banks scheduled to report results on Tuesday.

The currency showed mixed trading against its major counterparts in the Asian session. While it rose against the yen and the pound, it held steady against the franc. Versus the franc, it declined.

The greenback rose to 0.6895 against the aussie and 0.6622 against the kiwi, from its early 6-day low of 0.6920 and a 4-day low of 0.6653, respectively. The next possible resistance for the greenback is seen around 0.67 against the aussie and 0.64 against the kiwi.

The greenback bounced off to 1.3065 against the loonie, from an early low of 1.3045. If the currency rises further, it may locate resistance around the 1.33 level.

The U.S. currency appreciated to 1.2961 against the pound, its biggest since December 26. On the upside, 1.27 is possibly seen as the next resistance for the greenback.

Data from the Office for National Statistics showed that the UK economy shrank in November due to the weakness in services and industrial output.

Gross domestic product contracted 0.3 percent on month driven by the falls in services and production. GDP had advanced 0.1 percent in both September and October. Economists had forecast GDP to remain flat.

Nearing the key 110 level, the greenback touched 109.92 against the yen, which was its strongest since May 27, 2019. The greenback is likely to locate resistance around the 112.00 level.

The greenback reversed from an early 5-day low of 1.1136 against the euro, recovering to 1.1113. The greenback may locate resistance around the 1.10 area.

Data from Destatis showed that Germany's wholesale prices continued to decline in December.

Wholesale prices decreased 1.3 percent year-on-year in December but slower than the 2.5 percent decline seen in November. This was the sixth consecutive fall in wholesale prices.

In contrast, the greenback declined to a 4-day low of 0.9718 against the franc from Friday's closing value of 0.9723. Further decline may lead it to a support around the 0.96 level.

Looking ahead, the U.S. monthly budget statement for December will be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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