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Forex News: U.S. Dollar Higher With Inflation Data In Focus

U.S. Dollar Higher With Inflation Data In Focus

07/11/2022 - 10:06:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the European session on Monday, as investors awaited U.S. inflation data due this week, after strong jobs data supported expectations for the aggressive policy tightening path by the Federal Reserve.

The consumer price index is expected to rise to 8.8 percent year-on-year in June from 8.6 percent in May.

A strong reading is likely to boost bets for super-sized hikes from the Fed to tame it.

The currency was further supported by a drop in European shares amid fresh COVID-19 curbs in China and the energy crunch in Europe.

Virus worries intensified after Shanghai detected its first case of the latest highly contagious variant of Covid-19, BA.5 omicron.

Russia stopped gas exports through the Nord Stream gas pipeline, heightening the energy crisis in Europe.

The greenback reached as high as 1.0066 against the euro, its highest level since December 2, 2002. The greenback is seen challenging resistance around the 0.97 level.

The greenback touched near a 4-week high of 0.9824 against the franc and a 5-day high of 1.1907 against the pound, off its previous lows of 0.9758 and 1.2037, respectively. The greenback may face resistance around 1.00 against the franc and 1.14 against the pound.

Against the loonie, the greenback was higher at 1.3027. Next likely resistance for the greenback is seen around the 1.32 level.

The greenback approached more than 2-year highs of 0.6738 against the aussie and 0.6110 against the kiwi, following its early lows of 0.6855 and 0.6193, respectively. Immediate resistance for the greenback is likely seen around 0.64 against the aussie and 0.585 against the kiwi.

The greenback resumed its rally against the yen, hitting near a 24-year high of 137.75. If the greenback rises further, 139.00 is seen as its next resistance level.

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