U.S. Dollar Slides On Growth Concerns, U.S. Political Uncertainty
27 Dicembre 2018 - 11:08AM
RTTF2
The U.S. dollar drifted lower against its most major
counterparts in the European session on Thursday, with political
uncertainty in the U.S. and global economic growth worries denting
sentiment.
With the shutdown entering the sixth day on Thursday, President
Donald Trump and congressional Democrats remained deadlocked over
funding for Mexican border wall.
Trump retained its harder stance, saying that he'll do "whatever
it takes" to get money for border security.
With no deal in sight, no House votes have been scheduled for
Thursday, indicating that the shutdown would continue for another
day.
Worries that the U.S. and China may not agree on a long term
trade deal anytime in the foreseeable future also weighed on
sentiment.
Data from the Labor Department showed a slight drop in
first-time claims for U.S. unemployment benefits in the week ended
December 22.
The report said initial jobless claims slipped to 216,000, a
decrease of 1,000 from the previous week's revised level of
217,000.
Economists had expected jobless claims to inch up to 217,000
from the 214,000 originally reported for the previous week.
The currency has been trading in a negative territory against
its major counterparts in the Asian session.
The greenback fell back to 1.1407 against the euro, from a high
of 1.1352 hit at 5:00 pm ET. If the greenback falls further, 1.15
is possibly seen as its next support level.
The greenback dropped to 0.9876 against the franc, after rising
to 0.9957 at 5:15 pm ET. On the downside, 0.96 is likely seen as
the next support level for the greenback.
Reversing from an early high of 111.36 against the yen, the
greenback weakened to 110.68. The greenback is poised to challenge
support around the 108.00 region.
On the flip side, the greenback held steady against the pound,
after having advanced to a weekly high of 1.2616 at 5:30 am ET. The
pair closed yesterday's deals at 1.2633. The greenback advanced to
a 1-1/2-month high of 0.6697 against the kiwi, 6-day high of 0.7029
against the aussie and a 1-1/2-year high of 1.3660 against the
loonie, from its early low of 0.6741, 6-day low of 0.7078 and a
3-day low of 1.3566, respectively. The greenback is likely to
challenge resistance around 0.65 against the kiwi, 0.69 against the
aussie and 1.38 against the loonie.
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