Forex News: U.S. Dollar Strengthens Against Majors

U.S. Dollar Strengthens Against Majors

(RTTNews) - The U.S. dollar advanced against its major counterparts in the New York session on Tuesday amid indications of a hawkish Federal Reserve heading into 2025.

President-elect Donald Trump's policies could stoke inflation and alter the Fed's monetary policy stance.

Hawkish stance from the Fed and higher tariffs are expected to increase demand for the dollar.

ISM manufacturing PMI for December and jobless claims data are due later in the week.

U.S. markets are closed on Wednesday for New Year holiday.

The greenback climbed to more than a 7-month high of 0.9080 against the franc, near 2-week high of 1.0343 against the euro and a 4-day high of 1.2504 against the pound, off its early lows of 0.9023, 1.0424 and 1.2568, respectively. The next possible resistance for the currency is seen around 0.92 against the franc, 1.02 against the euro and 1.24 against the pound.

The greenback rose to more than 2-year highs of 0.6178 against the aussie and 0.5587 against the kiwi, from its early lows of 0.6231 and 0.5646, respectively. The currency is poised to challenge resistance around 0.59 against the aussie and 0.54 against the kiwi.

The greenback edged up to 157.54 against the yen and 1.4409 against the loonie, from its early nearly 2-week lows of 156.01 and 1.4338, respectively. The currency is seen finding resistance around 164.00 against the yen and 1.47 against the loonie.

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