U.S. Dollar Climbs Amid Risk Aversion
2024-09-17
2912
(fxcue news) - The U.S. dollar advanced against its major counterparts in the New York session on Friday, amid higher treasury yields and a pullback in U.S. stocks.
U.S. stocks fell amid profit taking, as traders cash in on some of the strong gains posted during Thursday's session.
Treasury yields rose as recent strong economic data indicated continued strength in the economy.
Although the Fed has already signaled plans to continue lowering rates in the coming months, incoming data could still impact market sentiment.
Reports on durable goods orders, new home sales and consumer confidence are likely to attract attention next week along with a report on personal income and spending that includes the Fed's preferred inflation gauge.
The greenback climbed to 1.1136 against the euro and 1.3267 against the pound, from an early 2-day low of 1.1181 and a 2-1/2-year low of 1.3340, respectively. The currency is seen finding resistance around 1.06 against the euro and 1.27 against the pound.
The greenback appreciated to a 1-week high of 0.8517 against the franc and more than a 2-week high of 144.49 against the yen, off its early lows of 0.8451 and 141.73, respectively. The currency is likely to locate resistance around 0.92 against the franc and 147.00 against the yen.
The greenback edged up to 1.3589 against the loonie, 0.6782 against the aussie and 0.6210 against the kiwi, from its early lows of 1.3542, 0.6828 and 0.6260, respectively. Immediate resistance for the currency is seen around 1.38 against the loonie, 0.63 against the aussie and 0.60 against the kiwi.
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