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Forex News: U.S. Dollar Strengthens On Trade Uncertainty

U.S. Dollar Strengthens On Trade Uncertainty

11/08/2019 - 07:35:00 (RTTNews)

(RTTNews) - The U.S. dollar advanced against its major counterparts in the European session on Friday, as fading optimism about the 'phase one' deal raised the appeal of safe-haven assets.

Caution prevailed after reports suggested that a plan to roll back tariffs on each other's goods in phases has met opposition from some advisers to U.S. President Donald Trump.

There is a divide within the administration regarding rolling back tariffs as they doubt whether it will give away U.S. leverage in the negotiations.

Hawkish US trade adviser Peter Navarro confirmed on Thursday that a tentative deal implying removal of the existing tariffs had not been agreed.

On the economic front, the University of Michigan's consumer sentiment index for November is due at 10:00 am ET.

The currency held steady against its major counterparts in the Asian session.

The greenback appreciated to 0.9971 against the franc and 109.41 against the yen, from its early lows of 0.9943 and 109.15, respectively. The next possible resistance for the greenback is seen around 1.02 against the franc and 111.00 against the yen.

Rebounding from its early lows of 1.2823 against the pound and 0.6906 against the aussie, the greenback advanced to session's highs of 1.2794 and 0.6862, respectively. The currency is likely to locate resistance around 1.26 against the pound and 0.67 against the aussie.

The greenback strengthened to more than a 3-week high of 1.1026 against the euro and a new 3-week high of 0.6329 against the kiwi, coming off from its previous lows of 1.1055 and 0.6382, respectively. The greenback is seen finding resistance around 1.09 against the euro and 0.61 against the kiwi.

After falling to 1.3172 against the loonie at 5:00 pm ET, the greenback reversed direction and strengthened to a 9-day high of 1.3205. On the upside, 1.34 is likely seen as its next resistance level.

Looking ahead, at 8:15 am ET, Canada housing starts for October are due at 8:15 am ET.

In the New York session, Canada jobs data for October and building permits for September, as well as University of Michigan's consumer sentiment index for November and U.S. wholesale sales for September will be released.

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