Forex News: U.S. Dollar Rises Ahead Of Fed's Powell Speech

U.S. Dollar Rises Ahead Of Fed's Powell Speech

(RTTNews) - The U.S. dollar strengthened against other major currencies in the European session on Friday, as traders expect speech by Fed Chair Jerome Powell at the Jackson Hole Symposium.

Stronger U.S. economic data and hawkish comments on inflation from Fed officials have led money markets to price a 70 percent chance of a September rate cut, down from 90 percent a week ago.

Powell is scheduled to speak at 10 a.m. New York time following remarks from several Fed officials.

Fed Bank of Cleveland chief Beth Hammack said Thursday during an interview that she wouldn't be willing to cut rates in September, based on the data available today.

Other Fed officials also struck similarly hawkish tone. Atlanta Fed President Raphael Bostic said he still sees just one rate cut this year as appropriate. Jeffrey Schmid, president of the Kansas City Fed, said he remains wary of inflation pressures in the economy.

Fed Chicago President Austan Goolsbee stated that the U.S. central bank has been getting mixed messages on the economy.

In the Asian trading today, the U.S. dollar rose to a 3-week high of 148.78 against the yen and nearly a 2-week high of 0.8105 against the Swiss franc, from early lows of 148.29 and 0.8087, respectively. If the greenback extends its uptrend, it is likely to find resistance around 151.00 against the yen and 0.82 against the franc.

Against the euro and the pound, the greenback advanced to more than 2-week highs of 1.1583 and 1.3390 from early lows of 1.1617 and 1.3424, respectively. The greenback may test resistance around 1.14 against the euro and 1.31 against the pound.

Against the New Zealand and the Canadian dollars, the greenback climbed to more than a 4-month high of 0.5800 and a 3-month high of 1.3918 from early lows of 0.5823 and 1.3899, respectively. The next possible upside target for the greenback is seen around 0.54 against the kiwi and 1.40 against the loonie.

The greenback edged up to 0.6415 against the Australian dollar, from an early low of 0.6431. On the upside, 0.63 is seen as the next resistance level for the greenback.

Looking ahead, Canada retail and manufacturing sales data for July and U.S. Baker Hughes oil rig count data are slated for release in the New York session.

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