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Forex News: U.S. Dollar Higher Ahead Of Fed Meeting

U.S. Dollar Higher Ahead Of Fed Meeting

05/02/2022 - 11:34:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts during European deals on Monday, as investors awaited the Federal Reserve's interest rate decision due this week for more clues about the pace of further rate hikes.

The Fed kicks off its two-day meeting on Tuesday, with investors expecting a rate hike of 50 basis points when it delivers decision on Wednesday.

Investors will be watching the Fed's accompanying statement to help determine how aggressive the central bank plans to tighten monetary policy in the months ahead.

On th economic data front, the U.S. will release ADP private sector employment, initial jobless claims, nonfarm payrolls, ISM manufacturing and services PMIs this week.

U.S. treasury yields rose, with the benchmark 10-year yield touching 2.969 percent.

In addition, the monetary policy decisions from the Reserve Bank of Australia and the Bank of England are scheduled this week, with rate hikes expected.

The greenback moved up to 0.9770 against the franc, its highest level since May 2020. If the greenback rises further, 0.99 is likely seen as its next resistance level.

The greenback was up against the pound, at 1.2505. The greenback is seen finding resistance around the 1.22 level.

The greenback rebounded to 1.0503 against the euro, from a low of 1.0568 seen at 3 am ET. On the upside, 1.02 is possibly seen as the next resistance level.

Extending its early gains, the greenback climbed to nearly a 2-year high of 0.6421 against the kiwi and more than a 4-month high of 1.2914 against the loonie. The greenback is likely to challenge resistance around 0.63 against the kiwi and 1.32 against the loonie.

The greenback rose back to 0.7041 against the aussie, on track to pierce a fresh 3-month high of 0.7032 seen in the Asian session. Next key resistance for the greenback is likely seen around the 0.68 level.

The greenback staged a modest recovery against the yen, with the pair trading at 130.29. The greenback may face resistance around the 132.00 level.

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