U.S. Dollar Gains Against Majors
2024-12-20
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(fxcue news) - The U.S. dollar rose against its major counterparts in the New York session on Monday, after the passing of a crucial funding bill that helped avert a year-end government shutdown.
The House and Senate passed stopgap spending legislation aimed to prevent a partial shutdown.
The markets are scheduled to close earlier than usual for Christmas Eve on Tuesday, leading to below average trading activity.
Uncertainty about the near-term outlook for the markets may keep some traders on the sidelines following the volatility seen last week.
The economic calendar for the week is also relatively quiet, although reports on durable goods orders, new home sales and weekly jobless claims may attract attention.
The greenback edged up to 1.0383 against the euro, 1.2511 against the pound and 157.26 against the yen , off its early lows of 1.0445, 1.2588 and 156.33, respectively. The next possible resistance for the currency is seen around 1.02 against the euro, 1.24 against the pound and 161.00 against the yen.
The greenback rose to 1.4433 against the loonie, 0.6218 against the aussie and 0.5632 against the kiwi, from its early lows of 1.4349, 0.6264 and 0.5661, respectively. The currency is poised to challenge resistance around 1.47 against the loonie, 0.61 against the aussie and 0.55 against the kiwi.
The greenback touched 0.9002 against the franc, setting a 4-day high. Immediate resistance for the currency is seen around the 0.92 level.
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