Forex News: U.S. Dollar Notably Higher Against Majors

U.S. Dollar Notably Higher Against Majors

(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session on Tuesday, as the Federal Reserve's senior loan officer opinion survey came in worse than expected in the first quarter.

The survey showed that the credit conditions for U.S. business and households continued tightening in the first months of the year.

"Concerns about the economic outlook, credit quality, and funding liquidity could lead banks and other financial institutions to further contract the supply of credit to the economy," the Fed said in its report.

A sharp contraction in the availability of credit would drive up the cost of funding for businesses and households, potentially resulting in a slowdown in economic activity, the report added.

U.S. President Joe Biden will meet with the top Republican and Democratic leaders at the White House to resolve a standoff over raising the country's debt limit before the impending deadline.

The greenback climbed to 4-day highs of 1.0972 against the euro, 0.8927 against the franc and 1.2596 against the pound, from its early lows of 1.1004, 0.8886 and 1.2639, respectively. The greenback is likely to find resistance around 1.08 against the euro, 0.92 against the franc and 1.24 against the pound.

The greenback edged up to 0.6755 against the aussie and 0.6325 against the kiwi, off its early lows of 0.6786 and 0.6348, respectively. Next near term resistance for the greenback is likely seen around 0.64 against the aussie and 0.61 against the kiwi.

In contrast, the greenback eased to 1.3367 against the loonie and 134.72 against the yen, from an early high of 1.3385 and a 6-day high of 135.32, respectively. The greenback is seen finding support around 1.30 against the loonie and 130.00 against the yen.

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