U.S. Dollar Appreciates Amid Higher Treasury Yields; Jackson Hole Conference In Focus
26 Agosto 2021 - 03:40AM
RTTF2
The U.S. dollar strengthened against its most major counterparts
in the European session on Thursday amid rising treasury yields, as
traders look ahead to the Jackson Hole symposium for more insights
about the Fed's plan to scale back bond purchase program.
The conference, which begins later in the day, will focus on the
topic "macroeconomic policy in an uneven economy."
Fed Chair Jerome Powell will deliver a speech on Friday, with
markets seeking more clarity on the central bank's plans to scale
back stimulus measures.
Survey showing a worsening of German consumer morale in
September made investors cautious.
Gfk forward looking consumer confidence index fell to -1.2 in
September from a revised -0.4 in August.
The expected reading was -0.7.
U.S. treasury yields rose, with the benchmark yield on 10-year
note touching 1.358 percent. Yields move inversely to bond
prices.
The greenback climbed to a 3-day high of 0.9178 versus the franc
from Wednesday's close of 0.9132. The currency is likely to find
resistance around the 0.95 level.
Data from Federal Statistical Office showed that Switzerland's
employment level increased in the second quarter.
Employment level rose to 5.126 million in the second quarter
from 5.101 million in the previous quarter.
The greenback touched a 1-week high of 110.23 versus the yen, up
from yesterday's closing quote of 110.02. On the upside, 112 is
likely seen as its next resistance level.
The greenback edged up to 1.3728 against the pound, after
touching an 8-day low of 1.3768 at 8 pm ET. Next likely resistance
for the greenback is seen around the 1.30 region.
The greenback rose to 0.7250 against the aussie, off an early
session's low of 0.7280. The greenback is seen finding resistance
around the 0.70 mark.
In contrast, the greenback retreated to 1.2594 against the
loonie and 0.6976 against the kiwi, from its prior highs of 1.2627
and 0.6947, respectively. The greenback may face support around
1.20 against the loonie and 0.72 against the kiwi.
The greenback weakened to 1.1779 against the euro, its lowest
level since August 17. On the downside, 1.20 is likely seen as its
next support level.
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