U.S. Dollar Higher Against Most Majors
February 10 2019 - 9:47PM
RTTF2
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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