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Forex News: U.S. Dollar Higher On Debt Ceiling Worries, Rate

U.S. Dollar Higher On Debt Ceiling Worries, Rate Hopes

05/23/2023 - 06:46:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the European session on Tuesday, on concerns over a standoff in debt ceiling talks between the White House and House Republicans and the prospect of interest rates staying higher for longer.

President Joe Biden and House Speaker Kevin McCarthy could not reach a deal in their highly anticipated meeting held on Monday.

The White House and Congress have until June 1 to raise the debt ceiling before a default.

Traders digested comments from a few US Fed officials favouring further rate hikes to tame price pressures.

Federal Reserve Bank of St. Louis President James Bullard said that he backed two more increases, while Federal Reserve of Minneapolis President Neel Kashkari said if the central bank does pause, it should signal tightening isn't over.

The dollar index that tracks the greenback against a basket of other currencies reached a 4-day high of 103.44.

The greenback climbed to 4-day highs of 0.9004 against the franc and 1.0785 against the euro, off its early lows of 0.8975 and 1.0820, respectively. The greenback may find resistance around 0.92 against the franc and 1.05 against the euro.

The greenback appreciated to near a 5-week high of 1.2384 against the pound and near a 6-month high of 138.87 against the yen, from its early lows of 1.2446 and 138.23, respectively. The currency is seen finding resistance around 1.21 against the pound and 140.00 against the yen.

The greenback firmed to 4-day highs of 0.6621 against the aussie and 0.6253 against the kiwi, reversing from an early low of 0.6661 and a 4-day low of 0.6302, respectively. Next immediate resistance for the currency is seen around 0.63 against the aussie and 0.61 against the kiwi.

The greenback touched 1.3536 against the loonie, setting an 8-day high. On the upside, 1.38 is likely seen as its next resistance level.

In the New York session, U.S. final building permits for April, PMI reports for May, new home sales data for April and Canada PPI and raw material prices data for April are slated for release.

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