U.S. Dollar Rises As China Economy Grows
14 Ottobre 2024 - 5:18AM
RTTF2
The U.S. dollar strengthened against other major currencies in
the Asian session on Monday, as a Japanese holiday reduced
liquidity and made China's very lackluster weekend stimulus
measures the center of attention for the market.
China's finance ministry flagged more fiscal stimulus over the
weekend but left out key details on the overall size of the
package. Meanwhile, China's consumer inflation unexpectedly eased
in September, while producer price deflation deepened, raising
concerns about weak domestic demand.
Traders react to the report showing producer prices in the U.S.
were unexpectedly unchanged in September, reinforcing optimism the
U.S. Fed will continue lowering interest rates in the coming
months, although hopes for another 50-basis point cut next month
largely evaporated.
"After an upside surprise from the September CPI report,
producer prices came in below expectations and provide support for
a 25bps rate cut in November," said Matthew Martin, a Senior U.S.
Economist at Oxford Economics.
Crude oil prices saw a modest pullback after surging in the
previous session. West Texas Intermediate crude for November
delivery dipped $0.29 or 0.4 percent to $75.56 a barrel. Despite
the pullback on the day, the price of crude oil jumped by 1.6
percent for the week.
In the Asian trading today, the U.S. dollar rose to 4-day highs
of 1.0915 against the euro, 149.37 against the yen and 0.8587
against the Swiss franc, from Friday's closing quotes of 1.0937,
149.13 and 0.8570, respectively. The greenback may test resistance
around 1.08 against the euro, 154.00 against the yen and 0.87
against the franc.
Against the pound, the greenback edged up to 1.3041 from
Friday's closing value of 1.3066. On the upside, 1.29 is seen as
the next resistance level for the greenback.
Against the Australia and the New Zealand dollars, the greenback
advanced to 4-day highs of 0.6722 and 0.6082 from last week's
closing quotes of 0.6750 and 0.6109, respectively. If the greenback
extends its uptrend, it is likely to find resistance around 0.66
against the aussie and 0.59 against the kiwi.
The greenback climbed to nearly a 2-1/2-month high of 1.3789
against the Canadian dollar, from Friday's closing value of 1.3762.
The next possible upside target for the greenback is seen around
the 1.39 region.
Looking ahead, U.S. NY Fed 1-Year Consumer Inflation
Expectations for September is due to be released in the New York
session.
Canadian markets will remain closed in observance of the
Thanksgiving day holiday.
Grafico Cross US Dollar vs CHF (FX:USDCHF)
Da Ott 2024 a Nov 2024
Grafico Cross US Dollar vs CHF (FX:USDCHF)
Da Nov 2023 a Nov 2024
