U.S. Dollar Climbs Ahead Of Fed Minutes
03 Gennaio 2018 - 05:46AM
RTTF2
The U.S. dollar advanced against its major rivals in early
European deals on Wednesday, as investors awaited the minutes from
the Federal Reserve's December meeting for more clues about the
rate hike plan in this year.
The minutes, due at 2:00 pm ET, may provide more clues on the
Fed's next move in the light of sluggish inflation.
At the December 12-13 meeting, the Fed raised the Federal funds
rate by an additional 25 basis points, to a target rate of 1.25 to
1.50 percent.
The Fed's dot plot of interest-rate projections had showed the
median forecast is still for three rate rises this year.
ADP private payrolls data and weekly jobless claims will be
released tomorrow, due to the holiday shortened week.
They will be followed up by the release of key U.S. jobs report
for December, which is slated for Friday. Factory orders,
international trade and the ISM non-manufacturing index are also
set to be released at the end of the week.
The greenback edged up to 0.9731 against the franc, from a low
of 0.9711 hit at 6:30 pm ET. The next possible resistance for the
greenback-franc pair is seen around the 0.985 region.
The greenback was trading in a positive territory against the
yen with the pair trading at 112.33. The greenback is seen finding
resistance around the 114.5 level.
The greenback bounced off to 1.2031 against the euro and 1.3588
against the pound, from its early low of 1.2066 and a 3-1/2-month
low of 1.3613,respectively. If the greenback rises further, 1.19
and 1.33 are likely seen as its next resistance levels against the
euro and the pound, respectively. Looking ahead, U.S. construction
spending for November, ISM manufacturing index for December and
FOMC minutes of December 12-13 meeting are set for release in the
New York session.
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