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Forex News: U.S. Dollar Showing Strength Against Most Majors

U.S. Dollar Showing Strength Against Most Majors

07/05/2022 - 05:50:00 (RTTNews)

(RTTNews) - The U.S. dollar moved up against its most major counterparts in the European session on Tuesday, amid a spike in U.S. treasury yields after a long weekend.

The benchmark yield on the 10-year note rose to 2.95 percent. Yields move inversely to bond prices.

Investors await the Federal Reserve's minutes from the June monetary policy meeting due on Wednesday. At the meeting, the central bank raised its key interest rate by 75 basis points, its biggest hike since 1994.

The nonfarm payrolls report due later this week is expected to shed more light on the potential pace of rate hikes.

Traders will also focus on factory orders, ISM non-manufacturing PMI, trade data and unemployment claims due this week for more direction.

The greenback touched 1.0303 against the euro, a level unseen since December 2002. On the upside, 1.00 is seen as its next resistance level.

The greenback firmed to 4-day highs of 1.2043 against the pound and 0.9640 against the franc, following its early lows of 1.2125 and 0.9593, respectively. The greenback is seen finding resistance around 1.19 against the pound and 0.98 against the franc.

The greenback appreciated to 4-day highs of 0.6158 against the kiwi and 1.2925 against the loonie, up from its prior lows of 0.6227 and 1.2843, respectively. The greenback is likely to find resistance around 0.60 against the kiwi and 1.32 against the loonie.

The greenback hit a 4-day high of 0.6792 against the aussie, after falling to a 4-day low of 0.6895 in the previous session. If the greenback strengthens further, it is likely to test resistance around the 0.66 level.

In contrast, the greenback retreated to 135.56 against the yen, from a 5-day high of 136.36 hit at 9:45 pm ET. The currency may face support around the 132.00 level.

Looking ahead, Canada building permits and U.S. factory orders for May will be released in the New York session.

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