Dollar Gains Against Most Majors

Dollar Gains Against Most Majors


The U.S. dollar rose against its most major counterparts in Asian trading on Thursday as investors bought the dollar on diminished expectations for additional monetary easing by the Federal Reserve.
Elsewhere, China's Premier Wen Jiabao has said that the economy is still under pressure, despite some positive signs in some sectors.
During a two-day inspection tour to Zhejiang Province, he said the foundation for stable economic growth is still fragile and the economic hardships may continue for some more time, the official Xinhua News Agency reported Wednesday.
In March, the government lowered its growth target to 7.5 percent from the previously projected 8 percent, reflecting weak growth in the U.S and worsening economic climate in Eurozone, one of China's major export markets.
However, Wen expressed confidence that the economy will fulfill the full-year growth target. The dollar rose to 6-day highs of 0.9801 against the Swiss franc and 1.2257 against the euro, compared to early Asian session lows of 0.9762 and 1.2307, respectively. If the dollar gains further, it will target 1.224 against the euro and 0.985 against the pound. The dollar ended yesterday's trading at 1.2289 per euro and 0.9775 against the franc.
Against the pound too, the dollar climbed to a 6-day high of 1.5639 with 1.560 seen as the next upside target level. At yesterday's close, the pound-dollar pair was quoted at 1.5684.
The dollar that ended yesterday's trading at 78.99 against the yen strengthened to a fresh monthly high of 79.37. The next upside target level for the dollar-yen pair is seen at 80.0.
The US dollar jumped to 1.0477 against the Australian dollar, compared to Wednesday's close of 1.0506. The near term resistance level for the greenback is seen at 1.046.
The US currency is currently trading at 0.9900 against the Canadian dollar, up from a fresh 3-month low of 0.9885 hit in early Asian deals. If the greenback-loonie pair rises further, it will target the 0.992 level. The pair ended yesterday's trading at 0.9891.
Against the New Zealand dollar too, the US dollar rebounded from an early low of 0.8086 to hit as high as 0.8058 in late Asian trading. On the upside, 0.804 is seen as the next target level for the greenback. The kiwi-greenback pair was quoted at 0.8075 at yesterday's close.
Looking ahead, U.K. retail sales and final Eurozone inflation data - both for July and the Swiss ZEW survey results for August are due for release in the coming hours.
The U.S. housing starts and building permits for July, weekly jobless claims for the week ended August 11 and Canada's manufacturing shipments for June are expected in the New York morning session.

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