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Forex News: U.S. Dollar Higher On Bets Of Hawkish Fed

U.S. Dollar Higher On Bets Of Hawkish Fed Stance

10/31/2022 - 07:27:00 (RTTNews)

(RTTNews) - The U.S. dollar firmed against its major opponents in the European session on Monday, as investors await the Federal Reserve's monetary policy meeting for more signals on the pace of tightening going forward.

Official data showed on Friday that core inflation continued to rise in September, leading the Fed to raise interest rates aggressively.

The Fed decision is due on Wednesday and economists expect the central bank to deliver another 75 basis point rate hike to cool inflation.

Markets focus on the Fed's policy statement for cues about the rate-hike path in the future.

U.S. treasury yields rose, with the benchmark 10-year yield touching 4.067 percent.

The greenback touched 6-day highs of 1.0013 against the franc and 0.9914 against the euro, up from its early lows of 0.9954 and 0.9966, respectively. The greenback is seen finding resistance around 1.02 against the franc and 0.95 against the euro.

The greenback reversed from its early lows of 147.55 against the yen and 1.3600 against the loonie, rising to 6-day highs of 148.62 and 1.3670, respectively. The currency is likely to challenge resistance around 155.00 against the yen and 1.38 against the loonie.

The greenback approached 0.6387 against the aussie, its highest level in five days. If the greenback rises further, 0.62 is likely seen as its next resistance level.

The greenback edged up to 1.1541 against the pound, from a low of 1.1613 seen at 8:55 pm ET. Next key resistance for the greenback is seen around the 1.09 level.

The greenback climbed to 0.5794 against the kiwi, off an early low of 0.5835. On the upside, 0.55 is likely seen as the next resistance level for the currency.

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