U.S. Dollar Appreciates Amid Economic Optimism
17 Febrero 2021 - 08:38PM
RTTF2
The U.S. dollar moved higher against its major counterparts in
the Asian session on Thursday, as a slew of upbeat economic data
released overnight added to optimism about the economic
recovery.
U.S. retail sales rebounded much more than anticipated in
January driven the additional government stimulus and relaxation
measures.
Retail sales rose 5.3 percent in January, up from expectations
of 1.1 percent.
The producer price index and industrial production also beat
forecasts in January.
The minutes from the U.S. Federal Reserve's January meeting
showed that the central bank is prepared to keep its easy monetary
policy on hold to support a job market hit by the pandemic.
"Participants noted that economic conditions were currently far
from the Committee's longer-run goals and that the stance for
policy would need to remain accommodative until those goals were
achieved," the minutes showed.
U.S. President Joe Biden met with 10 top union leaders on
Wednesday to discuss the $1.9 trillion coronavirus relief package
and a separate plan to modernize U.S. infrastructure aimed to boost
the economy.
U.S. stimulus measures, a steep fall in new infections and rapid
vaccine rollout bolstered hopes for a faster recovery from the
pandemic.
The greenback recovered to 1.3843 against the pound, after
falling to 1.3877 at 7:45 pm ET. If the currency rises further, it
may locate resistance around the 1.37 level.
The greenback bounced off to 105.92 against the yen, from a
2-day low of 105.70 seen at 7:45 pm ET. The greenback may face
resistance around the 108.00 region.
The greenback edged higher to 0.8991 against the franc, off its
early low of 0.8976. The greenback is seen finding resistance
around the 0.92 mark.
The greenback rebounded from its early lows of 1.2687 against
the loonie, 0.7202 against the kiwi and 0.7772 against the aussie
and was trading at 1.2712, 0.7178 and 0.7747, respectively. The
next possible resistance for the greenback is seen around 1.29
against the loonie, 0.70 against the kiwi and 0.76 against the
aussie.
The greenback staged a brief recovery to 1.2036 against the
euro, following a low of 1.2050 logged at 8:00 pm ET. The greenback
is likely to test resistance around the 1.19 region.
Looking ahead, at 7.30 am ET, the European Central Bank releases
the accounts of the monetary policy meeting of the governing
council held on January 20 and 21.
The U.S. weekly jobless claims for the week ended February 13,
housing starts, building permits and import and export prices for
January are due out in the New York session.
Eurozone flash consumer sentiment index for February is set for
release at 10:00 am ET.
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