Forex News: U.S. Dollar Rises Amid Hopes On U.S.-China Trade

U.S. Dollar Rises Amid Hopes On U.S.-China Trade Deal

(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Thursday, amid optimism that the world trade war will soon ease.

Sentiment was raised by President Trump's confidence over trade agreements with China, Japan, and South Korea.

The U.S. President Trump expressed optimism about a possible trade deal with China, stating there is a "very good probability we'll reach a deal."

In the early European session, the U.S. dollar rose to more than a 2-week high of 1.1288 against the euro and nearly a 3-week high of 144.54 against the yen, from yesterday's closing quotes of 1.1322 and 143.02, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.08 against the euro and 149.00 against the yen.

Against the pound and the Swiss franc, the greenback advanced to a 6-day high of 1.3279 and a 3-day high of 0.8288 from Wednesday's closing quotes of 1.3321 and 0.8261, respectively. On the upside, 1.30 against the pound and 0.86 against the franc are seen as the next resistance levels for the greenback.

Looking ahead, the Bank of England's U.K. mortgage approvals data March and U.K. S&P Global final factory PMI data for April are slated for release in the European session.

In the New York session, U.S. weekly jobless claims data, U.S. and Canada PMI data for April and U.S. construction spending data for March are slated for release.

Most of the major markets are closed for Labor Day holiday.

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