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Forex News: U.S. Dollar Rises On Growth, Inflation Worries

U.S. Dollar Rises On Growth, Inflation Worries

09/13/2021 - 04:31:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its major counterparts in the Asian session on Monday amid safe haven status, as risk sentiment dampened on concerns over a slowdown in global economic growth and indications of higher inflation.

Comments from several Fed officials supporting a reduction in stimulus measures this year clouded outlook.

Federal Reserve Bank of Philadelphia President Patrick Harker said that he supports moving toward a tapering process sooner rather than later.

U.S. producer prices rose at the fastest pace in over a decade, renewing concerns over the risk of higher inflation.

Further undermining risk sentiment was the Financial Times report that Beijing is planning to split Ant Group's Alipay and create a separate app for the company's loans business.

As per the report, Ant will turn over user data for lending decisions to create a separate joint venture.

The greenback climbed to 4-day highs of 110.16 against the yen, 0.9216 against the franc and 1.3797 versus the pound, up from its previous lows of 109.79, 0.9171 and 1.3846, respectively. The greenback is poised to target resistance around 112.00 against the yen, 0.95 against the franc and 1.36 versus the pound.

The greenback appreciated to more than a 2-week high of 1.1775 against the euro and near a 2-week high of 0.7336 against the aussie, off its early lows of 1.1815 and 0.7368, respectively. On the upside, 1.15 and 0.70 are possibly seen as the next resistance levels for the greenback against the euro and the aussie, respectively.

The greenback rebounded from its early lows of 0.7121 against the kiwi and 1.2661 against the loonie, reaching 0.7098 and a session's high of 1.2695, respectively. Immediate resistance is seen near 0.68 against the kiwi and 1.28 against the loonie.

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