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Forex News: U.S. Dollar Firms As European Shares Fall On

U.S. Dollar Firms As European Shares Fall On China Worries

07/27/2021 - 07:49:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its most major trading partners in the European session on Tuesday, as China's crackdown on technology and private education companies lifted demand for safe haven assets.

Chinese authorities announced regulations for food delivery platform, ensuring minimum wages for delivery personnel.

Beijing unveiled measures aimed at cooling the property market, while also tightening controls on private tutoring companies.

Investors look ahead to the Fed meeting beginning later in the day for more clues about the timing of tapering the stimulus program.

Fed officials had begun discussion on tapering in the June meeting, but Powell clarified that a decision regarding this matter would be made upon seeing a substantial improvement in the labor market.

Today's key economic reports include U.S. durable goods orders and consumer confidence index.

U.S. GDP data for the second quarter is due out on Thursday, followed by personal consumption data on Friday, which is the Fed's preferred inflation gauge.

Reversing from its early lows of 1.3832 against the pound and 1.1812 against the euro, the greenback strengthened to 1.3767 and 1.1770, respectively. The greenback is poised to find resistance around 1.36 against the pound and 1.16 against the euro.

The greenback approached a 6-day high of 0.6946 against the kiwi and a 4-day high of 1.2593 against the loonie, up from its prior lows of 0.7006 and 1.2538, respectively. The greenback is seen finding resistance around 0.68 against the kiwi and 1.27 against the loonie.

The greenback recovered from an early near 2-week low of 0.9148 against the franc and rose to 0.9187. Should the greenback continues its uptrend, 0.93 is possibly seen as its next resistance level.

The greenback reached as high as 0.7337 against the aussie, after a drop to 0.7389 at 8:15 pm ET. Next key resistance for the currency is seen around the 0.72 level.

On the other hand, the greenback was lower against the yen, at a 6-day low of 109.98. The next possible support for the dollar is seen around the 108.00 level.

U.S. durable goods orders for June, Federal Housing finance agency's U.S. house price index and S&P/Case-Shiller home price index for May and consumer confidence index for July will be featured in the New York session.

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