Forex News: U.S. Dollar Firms After Strong Inflation Data

U.S. Dollar Firms After Strong Inflation Data

(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Tuesday, following the release of hotter-than-expected inflation data for June.

The CPI increased 0.3 percent on the month, in line with forecasts.

The CPI rose 2.7 percent year-over-year in June, following an increase of 2.4 percent in May. Economists had expected the CPI to rise to 2.6 percent.

On a monthly basis, core inflation edged up to 0.2 percent from 0.1 percent. The reading came in below estimates of a 0.3 percent rise.

Core CPI rose 2.9 percent year-over-year, up from 2.8 percent in May.

The greenback climbed to near a 3-week high of 1.1592 against the euro and a fresh 3-week high of 1.3378 against the pound. The greenback is seen finding resistance around 1.13 against the euro and 1.30 against the pound.

The greenback advanced to a 3-1/2-month high of 149.02 against the yen and near a 3-week high of 0.8024 against the franc, from an early low of 147.55 and a 5-day low of 0.7953, respectively. The greenback may find resistance around 151.00 against the yen and 0.90 against the franc.

The greenback firmed to a 4-day high of 1.3730 against the loonie, 1-week high of 0.6507 against the aussie and a fresh 3-week high of 0.5938 against the kiwi. The greenback is poised to challenge resistance around 1.39 against the loonie, 0.63 against the aussie and 0.58 against the kiwi.

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