U.S. Dollar Slides On Dismal Economic Data
22 Giugno 2018 - 5:42AM
RTTF2
The U.S. dollar fell against its major counterparts in the Asian
session on Friday, as a plunge in Philadelphia Federal Reserve's
manufacturing index overnight raised concerns that a trade war
would hurt the economic outlook.
Data from the Federal Reserve Bank of Philadelphia showed a much
bigger than expected slowdown in the pace of growth in regional
manufacturing activity in the month of June.
The Philly Fed said its index for current general activity
slumped to 19.9 in June from 34.4 in May. While a positive reading
still indicates growth in regional manufacturing activity, the
index had been expected to dip to 29.0.
Trade worries lingered after China's commerce ministry spokesman
Gao Feng accused the U.S. of using bullying tactics and blackmail
in threatening to impose tariffs on hundreds of billions of dollars
of Chinese imports.
Separately, U.S. Commerce Secretary Wilbur Ross said on Thursday
the end goal of the trade negotiations is to reduce high trade
barriers and tariffs for U.S. firms.
The greenback dropped to a 3-day low of 1.1641 against the euro,
8-day low of 0.9890 against the franc and a weekly low of 1.3293
against the pound, from its early highs of 1.1598, 0.9923 and
1.3236, respectively. The greenback is likely to find support
around 1.19 against the euro, 0.97 against the franc and 1.35
against the pound.
The greenback dropped to 2-day lows of 0.6908 against the kiwi
and 0.7409 against the aussie, reversing from its early highs of
0.6859 and 0.7373, respectively. The next likely support for the
greenback is seen around 0.72 against the kiwi and 0.75 against the
aussie.
The greenback edged down to 1.3287 against the loonie, off its
early high of 1.3322. Next key support for the greenback is likely
seen around the 1.31 level.
On the flip side, the greenback bounced off to 110.17 against
the yen, from an early low of 109.84. If the greenback rises
further, 111.5 is likely seen as its next resistance level.
Looking ahead, PMI reports from major European economies are due
in the European session.
In the New York session, Markit's U.S. manufacturing PMI for
June, Canada retail sales for April and consumer price index for
May are scheduled for release.
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