U.S. Dollar Advances As White House Dismisses Possibility Of Currency Accord
September 27 2022 - 11:32PM
RTTF2
The U.S. dollar was higher against its major counterparts in the
Asian session on Wednesday, as the White House Economic Adviser
Brian Deese remarked that a global accord to adjust the value of
the U.S. currency is unlikely to happen for the time being.
Deese said that the strength of the dollar is due to the
strength of the economy and a highly uncertain economic
outlook.
The yield on the 10-year U.S. treasury note touched 3.982
percent, the highest level since 2010.
The U.S. dollar index that tracks the greenback against a basket
of other currencies reached a fresh two-decade peak of 114.71.
Hawkish comments from Federal Reserve officials further
underpinned the currency.
On Tuesday, Chicago Fed President Charles Evans reiterated the
need for aggressive rate hikes and said that the policy rate is
expected to rise to 4.25-4.5 percent by the end of this year.
The greenback rose to 2-day highs of 0.9966 against the franc
and 1.0631 against the pound, from its early lows of 0.9901 and
1.0741, respectively. The next possible resistance for the
greenback is seen around 1.02 against the franc and 1.05 against
the pound.
The greenback touched 2-1/2-year highs of 0.5565 against the
kiwi and 0.6363 against the aussie, after dropping to 0.5639 and
0.6445, respectively in early deals. The greenback is seen finding
resistance around 0.53 against the kiwi and 0.60 against the
aussie.
The greenback firmed to a 20-year high of 0.9536 against the
euro and a 2-day high of 1.3801 against the loonie, off its early
lows of 0.9601 and 1.3715, respectively. The greenback is likely to
find resistance around 0.60 against the euro and 1.40 against the
loonie.
The greenback rebounded to 144.85 against the yen, from a low of
144.39 seen at 9:45 pm ET. The currency may challenge resistance
around the 146.00 region.
Looking ahead, Swiss economic sentiment index for September is
set for release in the European session.
U.S. wholesale inventories, advance goods trade balance and
pending home sales, all for August, will be published in the New
York session.
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