U.S. Dollar Dips Ahead Of Key Data
27 Novembre 2023 - 8:51AM
RTTF2
The U.S. dollar weakened against its major counterparts in the
European session on Monday on bets that the Federal Reserve is done
hiking interest rates.
The dollar index slipped as investors looked ahead to key
inflation data from the United States and Europe due this week for
direction.
After the November FOMC minutes revealed a cautious approach to
future rate hikes, traders now await U.S. reports on new home
sales, consumer confidence, pending home sales and manufacturing
activity this week for additional clues about the outlook for
growth and interest rates.
The Commerce Department's report on personal income and spending
may be in the spotlight, as it includes readings on inflation said
to be preferred by the Federal Reserve.
The Fed's favored measure of inflation is expected to slow to
its lowest since mid-2021, reinforcing investor optimism that the
Fed is done hiking interest rates.
The U.S. GDP second estimate for the third quarter is set to be
released on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic
conditions in each of the twelve Fed districts, along with remarks
by several Federal Reserve officials, including Chair Jerome
Powell's speech on Friday, could impact the asset markets.
The greenback touched 0.6097 against the kiwi and 0.6607 against
the aussie, setting 3-1/2-month lows. The greenback is seen finding
support around 0.63 against the kiwi and 0.69 against the
aussie.
The greenback fell to a 5-day low of 148.77 against the yen and
a 6-day low of 1.0959 against the euro, off its early highs of
149.67 and 1.0926, respectively. The greenback is poised to
challenge support around 144.00 against the yen and 1.12 against
the euro.
The greenback dropped to a 2-1/2-month low of 1.2626 against the
pound and near a 3-month low of 0.8795 against the franc, reversing
from its previous highs of 1.2590 and 0.8828, respectively. The
currency is likely to locate support around 1.31 against the pound
and 0.86 against the franc.
Against the loonie, the greenback was down at 1.3622. The
greenback may locate support around the 1.34 mark.
Looking ahead, U.S. building permits and new home sales for
October are due in the New York session.
Grafico Cross Euro vs US Dollar (FX:EURUSD)
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Grafico Cross Euro vs US Dollar (FX:EURUSD)
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