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Forex News: U.S. Dollar Higher On Hawkish Fed Comments

U.S. Dollar Higher On Hawkish Fed Comments

08/03/2022 - 12:16:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Wednesday, as U.S. treasury yields rose in the wake of comments from Fed officials suggesting the possibility of further aggressive interest rate hikes to control inflation.

The benchmark yield on the 10-year note moved up to 2.79 percent. Yields move inversely to bond prices.

Several Fed officials, including San Francisco Fed President Mary Daly and Chicago Fed President Charles Evans, said on Tuesday that the central bank is unlikely to slow the pace of rate hikes to prevent a slowdown in the economic growth.

Daly said that the central bank is "nowhere near" almost done in the task of getting inflation down.

Geopolitical tensions eased following the departure of U.S. House Speaker Nancy Pelosi from Taiwan.

The greenback climbed to 5-day highs of 134.55 against the yen and 1.2100 against the pound, after falling to 132.28 and 1.2207, respectively in early deals. The greenback is seen finding resistance around 136.00 against the yen and 1.19 against the pound.

The greenback touched a 1-week high of 0.9652 against the franc and a 6-day high of 1.0123 against the euro, off its previous lows of 0.9542 and 1.2207, respectively. The greenback is poised to find resistance around 0.98 against the franc and 0.99 against the euro.

The greenback rebounded to 0.6221 against the kiwi and 0.6904 against the aussie, not far from a 1-week high of 0.6213 and a 9-day high of 0.6886, respectively seen in the Asian session. If the greenback rises further, 0.60 and 0.67 are possibly seen as its next resistance levels against the kiwi and the aussie, respectively.

The greenback recovered to 1.2885 against the loonie, from a 2-day low of 1.2832 set at 8:15 am ET. The pair had touched a 1-week high of 1.2892 in the Asian session. On the upside, 1.30 is likely seen as its next resistance level.

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