U.S. Dollar Extends Fall Amid Rate Cut Fears
08 Marzo 2024 - 1:58AM
RTTF2
The U.S. dollar continued its early weakness against other major
currencies in the Asian session on Friday amid rising fears among
traders that the U.S. Fed Reserve is likely to cut its interest
rates this year.
U.S. Fed Chair Jerome Powell told Congress on Thursday that rate
cuts "can and will" begin this year.
Asian stock markets traded higher amid rising optimism about
interest rate cuts by major global central banks continued to
inspire traders to get back into the markets. European Central Bank
lowered its annual inflation forecast while announcing its widely
expected decision to leave rates unchanged.
The U.S. dollar started falling against its major rivals since
1st March 2024.
In the Asian trading now, the U.S. dollar fell to nearly a
2-month low of 1.0956 against the euro and nearly a 2-1/2-month low
of 1.2820 against the pound, from yesterday's closing quotes of
1.0946 and 1.2806, respectively. If the greenback extends its
downtrend, it is likely to find support around 1.10 against the
euro and 1.29 against the pound.
Against the Swiss franc and the yen, the greenback slid to more
than a 2-week low of 0.8767 and a 5-week low of 147.52 from
Thursday's closing quotes of 0.8775 and 148.03, respectively. The
greenback may test support near 0.86 against the franc and 146.00
against the yen.
Against Australia, the New Zealand and the Canadian dollars, the
greenback dropped to nearly a 2-month low of 0.6631, nearly a
2-week low of 0.6184 and more than a 2-week low of 1.3445 from
Thursday's closing quotes of 0.6616, 0.6173 and 1.3457,
respectively. On the downside, 0.67 against the aussie, 0.63
against the kiwi and 1.33 against the loonie are seen as the next
support levels for the greenback.
Looking ahead, Germany's industrial output for January is due to
be released at 2:00 am ET in the pre-European session.
In the European session, Eurostat releases revised euro area GDP
data for the fourth quarter. The economy is forecast to remain flat
after shrinking 0.1 percent in the third quarter.
In the New York session, U.S. and Canada jobless rate for
February and U.S. Baker Hughes weekly oil rig count data are slated
for release.
Grafico Cross Euro vs US Dollar (FX:EURUSD)
Da Apr 2024 a Mag 2024
Grafico Cross Euro vs US Dollar (FX:EURUSD)
Da Mag 2023 a Mag 2024