U.S. Dollar Appreciates As Employment Costs Jump
30 Aprile 2024 - 2:50PM
RTTF2
The U.S. dollar firmed against its major counterparts in the New
York session on Tuesday, amid a spike in employment cost index in
the first quarter before the Federal Reserve's policy decision on
Wednesday.
The employment cost index increased 1.2 percent from 0.9 percent
in the fourth quarter. Economists had expected the index to rise to
1 percent.
Investors eagerly await the Fed's policy meeting, which gets
underway today.
No change in interest rates is expected, but the accompanying
policy statement and remarks by Fed Chair Jerome Powell may offer
some clues on when the U.S. central bank might cut interest rates
in the coming months.
Recent economic data has tamped down expectations of a near-term
rate cut, with the central bank now seen as likely to leave rates
unchanged until at least September.
The greenback moved up to a 1-week high of 0.5907 against the
kiwi, 5-day high of 0.6489 against the aussie and near a 2-week
high of 1.3754 against the loonie, off its early lows of 0.5981,
0.6567 and 1.3656, respectively. The greenback is seen finding
resistance around 0.58 against the kiwi, 0.63 against the aussie
and 1.39 against the loonie.
The greenback advanced to 1.2502 against the pound and 157.54
against the yen, from its early lows of 1.2563 and 156.05,
respectively. The greenback is poised to challenge resistance
around 1.22 against the pound and 160.00 against the yen.
The greenback strengthened to near a 7-month high of 0.9179
against the franc and a 4-day high of 1.0687 against the euro,
reversing from an early low of 0.9092 and a 4-day low of 1.0735,
respectively. The greenback is likely to find resistance around
0.93 against the franc and 1.05 against the euro.
Grafico Cross US Dollar vs Yen (FX:USDJPY)
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