U.S. Dollar Advances As Soaring Inflation Bolsters Hopes For Faster Tightening
11 Marzo 2022 - 4:32AM
RTTF2
The U.S. dollar strengthened against its major rivals in the
Asian session on Friday amid rising risk aversion, as strong U.S.
inflation data fueled hopes for aggressive rate hikes by the
Federal Reserve and a lack of progress in peace talks between
Russia and Ukraine escalated geopolitical risks.
Overnight data showed that U.S. inflation accelerated to 7.9
percent in February from 7.5 percent in January, the highest
reading since 1982.
The Fed meeting is due next week, with economists forecasting a
rate hike of a quarter-point to curb inflation.
The peace talks between the foreign ministers of Russia and
Ukraine failed to reach a deal on evacuation corridors or a
ceasefire.
Ukrainian Foreign Minister Dmytro Kuleba said that Russia
indicated it would continue attacks until Ukraine meets its
demands, and the least of its demands is surrender.
The greenback edged higher to 0.9309 against the franc, after
dropping to 0.9286 at 5 pm ET. Next immediate resistance for the
greenback is possibly seen around the 0.95 level.
The greenback climbed to 1.3069 against the pound, its strongest
level since November 2020. Against the yen, it touched more than a
5-year high of 116.79. The greenback is seen finding resistance
around 1.28 against the pound and 118.5 against the yen.
The greenback rebounded to 0.7328 against the aussie and 0.6834
against the kiwi, off its early low of 0.7367 and a 4-day low of
0.6875, respectively. The greenback may locate resistance around
0.70 against the aussie and 0.66 against the kiwi.
The greenback remained higher against the euro, with the pair
trading at 1.0987. On the upside, 1.06 is possibly seen as its next
resistance level.
In contrast, the greenback retraced its early gains against the
loonie and was trading at 1.2773. If the greenback extends decline,
1.26 is likely seen as its next support level.
Looking ahead, Canada jobs data for February and University of
Michigan's preliminary U.S. consumer sentiment index for March are
due out in the New York session.
Grafico Cross US Dollar vs CAD (FX:USDCAD)
Da Mar 2024 a Apr 2024
Grafico Cross US Dollar vs CAD (FX:USDCAD)
Da Apr 2023 a Apr 2024
