U.S. Dollar Lower On Shutdown Fears, Political Woes
December 23 2018 - 6:47PM
RTTF2
The U.S. dollar declined against its most major counterparts in
the Asian session on Monday as investors fretted about the impact
of a partial U.S. government shutdown and slowing global economic
growth. News that U.S. President Donald Trump privately discussed
firing Federal Reserve Chairman Jerome Powell also weighed on
investor sentiment.
The Bloomberg reported that U.S. President Donald Trump explored
the likelihood of firing Powell following the latest rate hike and
yields on U.S government debt have started to signal a possible
recession.
However, Mnuchin tweeted over the weekend, saying that Trump
does not think he has the authority to remove Federal Reserve
Chairman Jerome Powell.
The U.S. government shutdown took effect from Friday amid
impasse over funding a wall on the U.S. border with Mexico.
A budget deal to end the shutdown appeared to be delayed as the
U.S. Senate is not scheduled to meet again until Thursday to take
up the matter.
No major economic data is due today, ahead of the Christmas
break.
The greenback declined to 1.1393 against the euro, from a high
of 1.1360 hit at 5:25 pm ET. The next possible support for the
greenback is seen around the 1.16 level.
Reversing from an early high of 1.2637 against the pound, the
greenback edged down to 1.2680. If the greenback falls further, it
may find support around the 1.28 level.
The greenback fell to 0.9931 against the franc and held steady
thereafter. At Friday's close, the pair was worth 0.9951.
The greenback dropped to 1.3567 against the loonie, 0.7067
against the aussie and 0.6744 against the kiwi, from its early
highs of 1.3599, 0.7033 and 0.6713,respectively. The greenback is
likely to find support around 1.32 against the loonie, 0.725
against the aussie and 0.685 against the kiwi.
On the flip side, the greenback rebounded from an early
session's low of 110.93 against the yen and held steady thereafter.
The pair closed last week's trading at 111.20.
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