U.S. Dollar Higher Ahead Of Powell's Testimony
July 09 2019 - 1:06AM
RTTF2
The U.S. dollar strengthened against its major counterparts in
early European deals on Tuesday, as investors await Fed Chairman
Jerome Powell's testimony before U.S. Congress to help gauge
whether the central bank would cut rate later this month.
With a strong June U.S. jobs report dashing investors'
expectations of an imminent interest-rate cut, investors wait to
see whether the language will mark a clear shift from the Fed's
earlier 'patient' stance.
Powell is due to testify before the House Financial Services
Committee on Wednesday and before the Senate Banking Committee on
Thursday.
Wednesday will also see the release of the minutes of the Fed's
last monetary policy meeting, which may shed additional light on
the central bank's decision to make notable changes to its
accompanying statement.
Fed Chairman Powell is scheduled to deliver opening remarks at a
Boston Fed conference on "Stress Testing" later today but may
refrain from directly addressing interest rates.
The currency rose against its major counterparts in the Asian
session, excepting the euro.
The greenback advanced to 1.2479 against the pound, a level
unseen so far this year. On the upside, 1.23 is possibly seen as
the next resistance for the greenback.
The greenback approached near the key 1.12 level against the
euro, rising to near a 3-week high of 1.1205. If the greenback
extends rise, 1.09 is possibly seen as its next resistance
level.
The U.S. currency firmed to 0.9950 against the franc, its
biggest since June 19. The next possible resistance for the
greenback is seen around the 1.02 mark.
The greenback that closed Monday's trading at 108.72 against the
yen spiked higher to near a 6-week high of 108.91. The greenback is
poised to challenge resistance around the 111.00 region.
The greenback appreciated to a new 2-week high of 0.6937 against
the aussie, 4-day highs of 1.3129 against the loonie and 0.6609
against the kiwi, off its early lows of 0.6975, 1.3087 and 0.6632,
respectively. The greenback is seen facing resistance around 0.67
against the aussie, 1.33 against the loonie and 0.645 against the
kiwi.
Looking ahead, Canada housing starts for June and building
permits for May are scheduled for release in the New York
session.
Federal Reserve Chairman Jerome Powell will give opening remarks
at an event hosted by the Federal Reserve Bank of Boston at 8:45 am
ET.
Federal Reserve Bank of St. Louis President James Bullard is set
to speak at the Official Monetary and Financial Institutions Forum
Meeting in Saint Louis at 10:10 am ET.
At 2:00 pm ET, Federal Reserve Governor Randal Quarles will
deliver a speech about stress testing at an event hosted by the
Federal Reserve Bank of Boston.
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