U.S. Dollar Appreciates On Early Fed Tapering Prospects
09 Agosto 2021 - 7:39AM
RTTF2
The U.S. dollar was higher against its major counterparts in the
New York session on Monday, a spike in COVID-19 cases dented
sentiment, while hopes for an early Fed rate hike returned after
strong U.S. job data.
Hawkish comments from Federal Reserve officials and strong U.S.
jobs data raised hopes that the central bank will begin to scale
back its asset purchase program later this year.
Investors await U.S. inflation data due on Wednesday to assess
the outlook for monetary policy.
The U.S. Senate moved closer to the passage of a bipartisan
infrastructure spending bill, which calls for $550 billion in new
spending on transportation, broadband internet, water pipes and
other public works systems.
Democrats unveiled the $3.5 trillion budget plan, which will
extend household tax credits, expand Medicare benefits and enhance
child care programs without Republican support.
The greenback firmed to a 2-week high of 0.9197 against the
franc, near 2-week high of 1.3846 against the pound and more than a
4-month high of 1.1741 against the euro, after dropping to 0.9135,
1.3895 and 1.1769, respectively earlier in the session. The
greenback is seen facing resistance around 0.94 against the franc,
1.34 against the pound and 1.15 against the euro.
The greenback rose back to 0.7332 against the aussie and 0.6996
against the kiwi, heading closer towards Asian session's 1-week
high of 0.7328 and a 6-day high of 0.6981, respectively. If the
greenback rises further, 0.70 and 0.68 are likely seen as its next
resistance levels against the aussie and the kiwi,
respectively.
The greenback touched 1.2588 against the loonie, its highest
level since July 28. The greenback may find resistance around the
1.28 level.
The greenback rebounded to 110.31 against the yen, from a low of
110.03 hit at 9:30 am ET. The greenback is likely to challenge
resistance around the 112 level.
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