U.S. Dollar Higher Against Most Majors

Date : 02/11/2019 @ 2:47AM
Source : RTTF2
Stock : Australian Dollar (B) VS United States Dollar Spot (Aud/USD) (AUDUSD)
Quote : 0.68805  -0.000275 (-0.04%) @ 5:25PM
Australian Dollar vs United Stat share price Chart

U.S. Dollar Higher Against Most Majors

Australian Dollar vs United Stat (FX:AUDUSD)
Forex Chart

6 Months : From Nov 2018 to May 2019

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The U.S. dollar strengthened against its most major counterparts in the Asian session on Monday, as worries about global economic growth raised the appeal of safe-haven assets. Investors are cautious as they look ahead to the next round of U.S.-China trade talks to be held in Beijing this week.

The latest set of trade talks will kick off in Beijing today after last week's negotiations in Washington ended without a deal.

U.S. delegation led by Deputy U.S. Trade Representative Jeffrey Gerrish will travel to Beijing today to begin lower-level negotiations, which are aimed to push China to make structural reforms.

U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer will head high-level trade talks taking place later this week.

Brexit developments are also in focus, after British Primer Minister Theresa May said she welcomed more talks with Labour on a Brexit agreement, especially on how alternate arrangements to the Irish backstop could work.

May wrote, "It is good to see that we agree that the UK should leave the European Union with a deal and that the urgent task at hand is to find a deal that honours our commitments to the people of Northern Ireland, can command support in Parliament and can be negotiated with the EU - not to seek an election or second referendum."

The greenback advanced to a 4-day high of 1.2924 against the pound, compared to last week's closing value of 1.2936. The next possible resistance for the greenback is seen around the 1.28 level.

The greenback that ended last week's deals at 109.73 against the yen appreciated to a 4-day high of 110.01. If the greenback continues its rise, 112 is possibly seen as its next resistance level.

The greenback recovered to 1.0003 against the franc, from an early 6-day low of 0.9982, and held steady thereafter. This may be compared to near a 3-month high of 1.0099 seen at the beginning of today's trading. The greenback is seen finding resistance around the 1.01 level.

The greenback edged up to 1.3297 against the loonie and held steady thereafter. On the upside, 1.34 is possibly seen as the next resistance level for the greenback.

On the flip side, the greenback dropped back to 1.1328 against the euro, from an early more than 2-week high of 1.1313. Next key resistance for the greenback is seen around the 1.15 mark.

The U.S. currency held steady against the aussie and the kiwi, after dropping to 4-day lows of 0.7108 and 0.6773,respectively early in the session. The greenback ended last week's trading at 0.7085 against the aussie and 0.6740 against the kiwi.

Looking ahead, U.K. GDP data, industrial production, construction output and trade data, all for December, are set for release in the European session.

At 11:15 am ET, Federal Reserve Governor Michelle Bowman will deliver a speech at the Annual American Bankers Association Conference for Community Bankers in San Diego.

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