The Dollar rose against its major counterparts on Wednesday ahead of the Federal Reserves interest rate announcement
2018-06-13 09:10 am | Resource: NEWS | No Views : 82
The US dollar rose against its major counterparts on Wednesday, ahead of the Federal Reserve's interest rate announcement, which is widely expected to unveil a second rate hike this year.
The Federal Reserve is expected to raise its benchmark interest rate by 25 basis points when the two-day monetary policy meeting ends later in the day.
The language in the policy statement along with an updated set of economic forecasts from Fed officials covering GDP, inflation and unemployment may shed light on the number of additional interest rate increases that could emerge from the United States this year.
Apart from the Fed's decision, the US Producer Price Index for May will be released at 8:30 am ET. The PPI is expected to rise by 0.3 percent in May, from the previous month's 0.1 percent.
On Thursday, the ECB may indicate that it is close to curtailing the quantitative easing program.
The Bank of Japan is not expected to make any changes to its monetary policy settings when it finishes its two-day review on Friday.
The dollar advanced to a 3-week high of 110.69 against the yen and remained steady thereafter. Yesterday's close, the pair was equal to 110.36.
The dollar rose to a 5-day high of 1.1730 against the euro and 1.3037 against the Canadian dollar, from a previous low of 1.1753 and 1.3011, respectively. On the upside, 1.16 and 1.32 are likely to be seen as the next resistance levels against the Euro and the Canadian Dollar, respectively.
Falling from early lows of 1.3375 against the pound and 0.9866 against the franc, and the dollar rose to 1.3353 and 0.9882 respectively. If the dollar gains more, it may find resistance at 1.32 against the pound and 1.01 against the franc.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY reached to the support level of 112.29 to bounce higher again to breach the 113.20 resistance level. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test levels of 113.58 - 114.08 again and this…
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