Forex News: U.S. Dollar Rises As Traders Await Powell Speech

U.S. Dollar Rises As Traders Await Powell Speech

(RTTNews) - The U.S. dollar strengthened against other major currencies in the European session on Tuesday, as traders looked ahead to Fed Chair Jerome Powell's speech due on Wednesday and Thursday for additional clarity on the U.S. rate outlook.

The dollar bounced back amidst signs of an ease off in geopolitical tensions after Israel said it would consider "tactical little pauses" in fighting to allow the entry of aid or the exit of hostages from the Gaza Strip.

Minneapolis Federal Reserve Bank President Neel Kashkari said he's not convinced rate hikes are over. In the European trading now, the U.S. dollar rose to 4-day highs of 1.0692 against the euro and 1.2310 against the pound, from early lows of 1.0720 and 1.2348, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.04 against the euro and 1.20 against the pound.

Against the yen and the Swiss franc, the greenback advanced to 4-day highs of 150.50 and 0.9014 from early lows of 149.96 and 0.8987, respectively. The greenback is likely to find resistance around 152.00 against the yen and 0.91 against the franc.

Moving away from an early low of 1.3694 against the Canadian dollar, the greenback climbed to a 4-day high of 1.3744. On the upside, 1.39 is seen as the next resistance level for the greenback.

Looking ahead, Eurozone PPI for September and U.K. BBA mortgage approvals data for October are due to be released in the European session.

In the New York session, Canada and U.S. trade data for September, U.S. used car prices data for October, U.S. Redbook report and New Zealand Global dairy trade price index are slated for release.

At 9:15 am ET, Federal Reserve Vice Chair for Supervision Michael Barr will participate in "Financial Technology" discussion before a 7th Annual D.C. Fintech Week event, in Washinton D.C., U.S.

At 9:50 am ET. Federal Reserve Bank of Kansas City President Jeffrey Schmid will give opening keynote before hybrid "Energy and the Economy: Reshuffling the Energy Deck" conference co-hosted by the Federal Reserve Bank of Kansas City, in Oklahoma City, U.S.

At 10:00 am ET, Federal Reserve Board Governor Christopher Waller will deliver a speech on "Using Economic Data to Understand the Economy" before the Federal Reserve Bank of St. Louis Conference: "Beyond the Numbers 2023, in St. Louis, U.S.

At 1:30 pm ET, Federal Reserve Bank of Dallas President Lorie Logan will participate in fireside chat before hybrid "Energy and the Economy: Reshuffling the Energy Deck" conference hosted by the Federal Reserve Bank of Kansas City and the Federal Reserve Bank of Dallas, in Oklahoma City, U.S.

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