U.S. Dollar Advances Amid Strong ISM Services PMI; Fed Minutes Due
06 Juli 2022 - 1:15PM
RTTF2
The U.S. dollar was higher against its major counterparts in the
European session on Wednesday, as the nation's service sector
activity improved in June and investors awaited the release of the
minutes of the Federal Reserve's June policy meeting for clues
about the future path of monetary tightening.
The Institute for Supply Management's non-manufacturing PMI rose
to 55.3 in June, beating forecasts for a rise of 54.3.
The minutes, which will be published at 2 pm ET, could shed
light on policy makers' views about the near-term path for interest
rates amid high inflation and cooling economic growth.
Traders also focus on June nonfarm payrolls report due on Friday
for more signals on the potential pace of rate hikes.
Markets expect another rate hike of 75 basis points by the end
of this month after a similar move at the June meeting.
The greenback touched 1.0166 against the euro, its highest level
since December 2002. On the upside, 0.97 is seen as its next
resistance level.
The greenback firmed to more than a 2-year high of 1.1876
against the pound and near a 3-week high of 0.9726 against the
franc, following its early lows of 1.1989 and 0.9671, respectively.
The next possible upside target for the currency is seen around
1.16 against the pound and 1.01 against the franc.
The greenback rebounded to 136.00 against the yen, from a 2-day
low of 134.95 seen at 8:30 am ET. If the greenback strengthens
further, it is likely to test resistance around the 139.00
level.
The greenback recovered to 0.6134 against the kiwi, 1.3064
against the loonie and 0.6771 against the aussie, off its prior
lows of 0.6192, 1.3012 and 0.6826, respectively. The greenback is
seen finding resistance around 0.60 against the kiwi, 1.32 against
the loonie and 0.66 against the aussie.
The Fed minutes from the June 14-15 meeting are due at 2:00 pm
ET.
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