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Forex News: U.S. Dollar Higher On Recession Concerns

U.S. Dollar Higher On Recession Concerns

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

(RTTNews) - The safe-haven U.S. dollar appreciated against its major counterparts in the European session on Tuesday, amid recession fears in the wake of weak economic data from the U.S. and China.

China's industrial production and retail sales data missed analysts' expectations in July, igniting fears about a slowdown in the economic growth.

Overnight data showed that New York Fed's empire manufacturing survey and NAHB housing market index fell in August, in a sign that the Fed's aggressive policy tightening is hurting the economy.

U.S. treasury yield curve remained deeply inverted, indicating that further aggressive Fed rate hikes could fuel a recession.

Investors await the release of the minutes from the Fed's July meeting on Wednesday for clues about the likelihood of a larger 75 basis-point rate hike in September.

The greenback touched 6-day highs of 134.44 against the yen and 0.9510 against the franc, up from its early lows of 132.95 and 0.9445, respectively. The greenback is seen finding resistance around 136.00 against the yen and 0.98 against the franc.

The greenback recovered from its previous lows of 1.2060 against the pound and 1.0170 against the euro and moved up to near 2-week highs of 1.2007 and 1.0125, respectively. The currency is likely to challenge resistance around 1.19 against the pound and 0.99 against the euro.

The greenback firmed to 0.6991 against the aussie and 0.6318 against the kiwi, which was its highest levels since August 10. The next possible resistance for the greenback is seen around 0.68 against the aussie and 0.62 against the kiwi.

The greenback edged up to 1.2929 against the loonie at 3:15 am ET, but it has since retreated to 1.2890. On the downside, 1.26 is likely seen as its next support level.

Looking ahead, at 8:15 am ET, Canada housing starts for July are scheduled for release.

Canada inflation data and U.S. building permits and housing starts and industrial production, all for July, will be released in the New York session.

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