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Forex News: U.S. Dollar Higher In Cautious Trade

U.S. Dollar Higher In Cautious Trade

01/20/2023 - 10:59:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Friday, amid uncertainty over the Federal Reserve's rate-hike path.

U.S. treasury yields rose, with the benchmark 10-year yield touching 3.468 percent.

Investors digested comments from Fed officials indicating that borrowing costs would remain elevated for longer.

Speaking at an event, Federal Reserve Bank of New York President John Williams emphasized on Thursday there is 'more work to do" to bring inflation down to the central bank's 2 percent target.

"Restoring price stability is essential to achieving maximum employment and stable prices over the longer term, and it is critical that we stay the course until the job is done," he was quoted as saying.

Markets currently expect that the Fed might end its tightening cycle after a 25-basis point hike at each of its next two policy meetings.

The greenback recovered to 0.6910 against the aussie and 0.6405 against the kiwi, after falling to 0.6948 and 0.6436, respectively in early deals. The greenback is seen facing resistance around 0.67 against the aussie and 0.62 against the kiwi.

The greenback advanced to 1.3497 against the loonie and 1.0802 against the euro, off its early 2-day lows of 1.3442 and 1.0859, respectively. The greenback may find resistance around 1.37 against the loonie and 1.06 against the euro.

The greenback climbed to 2-day highs of 130.61 against the yen and 0.9235 against the franc, from its prior low of 128.34 and a 2-day low of 0.9141, respectively. Next immediate resistance for the greenback is seen around 134.00 against the yen and 0.94 against the franc.

The greenback edged up to 1.2335 against the pound, reversing from an early low of 1.2397. If the currency rises further, 1.20 is likely seen as its next resistance level.

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