U.S. Dollar Falls Against Majors
January 23 2018 - 8:42PM
RTTF2
The U.S. dollar slipped against its major counterparts in the
Asian session on Wednesday, with concerns over trade wars and
caution ahead of the European Central Bank's monetary policy
decision weighing on sentiment.
Trump imposed tariffs on imports of certain washing machines and
solar power equipment on Tuesday, raising worries over U.S.
protectionism in global trade.
The moves "uphold a principle of fair trade and demonstrate to
the world that the United States will not be taken advantage of
anymore," he said.
South Korea and China condemned the decision, saying that the
U.S. approach worsens global trade environment.
Traders await the ECB monetary policy announcement on Thursday
for more clues about future shifts in the bank's monetary
policy.
The greenback that closed Tuesday's trading at 1.2298 against
the euro and 1.3996 against the pound slipped to more than a 3-year
low of 1.2335 and a 1-1/2-year low of 1.4049, respectively. If the
greenback falls further, it may find support around 1.25 against
the euro and 1.45 against the pound.
The greenback declined to a 5-day low of 0.9541 against the
franc and more than a 4-month low of 109.81 versus the yen from
yesterday's closing values of 0.9577 and 110.30, respectively. The
next possible support for the greenback is seen around 0.94 against
the franc and 108.00 against the yen.
The greenback edged down to a session's low of 0.8030 versus the
aussie, compared to 0.7997 hit late New York Tuesday. Continuation
of the greenback's downtrend may see it challenging support around
the 0.82 area.
The greenback slipped to a 4-month low of 0.7377 against the
kiwi and a weekly low of 1.2397 against the loonie, compared to
yesterday's closing values of 0.7354 and 1.2418, respectively. The
greenback is seen finding support around 0.75 against the kiwi and
1.21 against the loonie.
Looking ahead, PMIs from major European economies and U.K.
labour market statistics are due in the European session.
In the New York session, U.S. house price index for November,
existing home sales for December and Markit's U.S. manufacturing
PMI for January are set for release.
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Mar 2024 to Apr 2024
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Apr 2023 to Apr 2024