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Forex News: U.S. Dollar Higher After Fed Policy Announcement

U.S. Dollar Higher After Fed Policy Announcement

11/04/2021 - 03:13:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its major counterparts in the Asian session on Thursday, as the Federal Reserve kept the interest rate unchanged and reduced the monthly bond purchases that it had begun during virus crisis.

The Fed said that it will begin reducing bond purchases by $15 billion per month, starting later this month.

Powell said that supply bottlenecks and shortages could continue well into next year and spur inflationary pressures.

The Fed chief confirmed that the reduction in its monthly bond purchases would not imply any rate hike signal.

Powell added that the "policy is well-positioned to address the range of plausible outcomes, and that's what we need to do."

Investors cheered solid reports on U.S. private sector employment and service sector activity for October.

The greenback edged higher to 0.9127 against the franc, 1.1585 against the euro and 1.3652 against the pound, after falling to 0.9111, session's low of 1.1616 and a 6-day low of 1.3698, respectively in early trades. The greenback is likely to face resistance near 0.93 against the franc, 1.14 against the euro and 1.34 against the pound.

The greenback rebounded from its prior 2-day lows of 1.2377 against the loonie, 0.7471 versus the aussie and 0.7179 against the kiwi, rising to 1.2410, 0.7430 and 0.7135, respectively. The next possible resistance for the greenback is seen around 1.26 against the loonie, 0.72 versus the aussie and 0.70 against the kiwi.

The greenback rose to a 3-day high of 114.25 against the yen, from a low of 113.95 seen at 5 pm ET. The greenback is seen finding resistance around the 116.00 mark.

Looking ahead, PMI reports from major European economies and Eurozone PPI for September are due in the European session.

The Bank of England's monetary policy announcement is due at 8:00 am ET. The Monetary Policy Committee is widely expected to hold the key rate at a record low of 0.10 percent and the quantitative easing programme at GBP 875 billion.

U.S. and Canadian trade data for September and U.S. weekly jobless claims for the week ended October 30 will be released in the New York session.

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