U.S. Dollar Climbs Amid Strong ISM Manufacturing PMI
April 01 2024 - 8:02AM
RTTF2
The U.S. dollar was higher against its major counterparts in the
New York session on Monday, as U.S. manufacturing sector expanded
in March for the first time since September 2022.
Data from the Institute for Supply Management showed that the
manufacturing PMI jumped to 50.3 in March from 47.8 in February,
with a reading above 50 indicating growth in the sector. Economists
had expected the index to inch up to 48.4.
Last week's U.S. inflation data increased the likelihood of an
interest rate cut at the Fed's June meeting.
The data is "along the lines of what we would like to see," Fed
Chair Jerome Powell said on Friday at a conference and repeated the
central bank is no hurry to cut interest rates. He also
acknowledged the risks of leaving interest rates where they are
now.
Treasury yields rose, with the yield on the benchmark ten-year
note touching 4.31 percent.
The greenback firmed to a 5-day high of 151.77 against the yen
and a 4-day high of 0.9055 against the franc, off its early lows of
151.22 and 0.9004, respectively. The next possible resistance for
the currency is seen around 153.00 against the yen and 0.92 against
the franc.
The greenback strengthened to 1-1/2-month highs of 1.0739
against the euro and 1.2554 against the pound, from its early lows
of 1.0798 and 1.2641, respectively. The greenback is likely to find
resistance around 1.03 against the euro and 1.21 against the
pound.
The greenback appreciated to 4-day highs of 0.6486 against the
aussie and 1.3585 against the loonie, from an early 4-day low of
0.6538 and near a 2-week low of 1.3514, respectively. The greenback
is seen finding resistance around 0.63 against the aussie and 1.37
against the loonie.
The greenback touched a 4-1/2-month high of 0.5944 against the
kiwi, from an early 4-day low of 0.5993. If the currency rises
further, it may find resistance around the 0.58 level.
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