U.S. Dollar Advances As Investors Await Fed Meeting
(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Monday, as investors awaited the U.S. Federal Reserve's policy meeting for clues on the timing of interest rate cuts.
Markets widely expect the Fed to keep rates unchanged at the end of the two-day meeting on Wednesday.
Fed Chairman Jerome Powell's comments will be watched for hints about the policy path.
U.S. reports on home prices, consumer confidence and job openings are due later in the day.
The Labour Department's closely watched monthly jobs report is due to be released later this week along with reports on initial jobless claims, labor productivity and costs and manufacturing activity.
The greenback advanced to 0.8639 against the franc and 1.0811 against the euro, off its early lows of 0.8606 and 1.0848, respectively. The currency is poised to find resistance around 0.90 against the franc and 1.06 against the euro.
The greenback strengthened to 0.6123 against kiwi and 0.6592 against aussie, from an early 6-day low of 0.6149 and a 2-week low of 0.6624, respectively. The greenback may find resistance around 0.60 against the kiwi and 0.64 against the aussie.
The greenback rose to 1.2671 against the pound, from an early 4-day low of 1.2721. The currency is likely to locate resistance around the 1.24 level.
In contrast, the greenback depreciated to a fresh 2-week low of 1.3398 against the loonie. If the greenback falls further, it is likely to test support around the 1.29 region.
The greenback eased to 147.20 against the yen. This may be compared to a previous 5-day low of 147.15. The currency is seen finding support around the 144.00 level.
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