U.S. Dollar Falls Ahead Of Yellen's Speech
June 27 2017 - 02:38AM
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The U.S. dollar slipped against its major opponents in early
European deals on Tuesday, with investors awaiting speech from the
Fed Chair Janet Yellen for more clues on the trajectory of interest
rates in the rest of the year.
Yellen is set speak about global economic issues at the British
Academy 'President's Lecture' in London at 1:00 pm ET.
Despite recent batch of mixed data, Yellen is unlikely to
deviate from the bank's plan to raise the benchmark rate once again
in 2017.
Investors look forward to consumer confidence index due today
and pending home sales on Wednesday, followed by U.S. GDP data on
Thursday for more clues about the health of the economy.
Meanwhile, European markets are lower after the European Central
President Mario Draghi defended the bank's loose policy stance and
said the stimulus is still needed to lead to a gradual rise in
prices. The greenback showed mixed performance in the Asian
session. While the greenback held steady against the franc, euro
and the pound, it rose against the yen.
The greenback dropped to an 8-day low of 1.2772 against the
pound, after having advanced to 1.2716 at 11:00 pm ET. The next
possible downside target for the greenback is seen around the 1.29
region.
Retreating from an early near 5-week high of 112.08 versus the
yen, the greenback edged down to 111.46. If the greenback-yen pair
extends slide, 110.00 is likely seen as its next support level.
The greenback slipped to near 2-week lows of 1.1265 against the
euro and 0.9660 against the franc, off its previous highs of 1.1179
and 0.9733, respectively. Continuation of the greenback's downtrend
may see it challenging support around 1.14 against the euro and
0.95 against the franc.
The greenback dropped to near a 5-month low of 0.7344 against
the kiwi and a weekly low of 0.7624 against the aussie, from its
early highs of 0.7275 and 0.7577, respectively. The greenback is
seen finding support around 0.74 against the kiwi and 0.77 against
the aussie.
The greenback reversed from an early high of 1.3261 against the
loonie, edging down to 1.3220. Further weakness may take the
greenback to a support around the 1.30 level.
Looking ahead, U.S. S&P/Case-Shiller home price index for
April, U.S. consumer confidence index for June, and U.S. Richmond
Fed manufacturing index for June are slated for release in the New
York session.
At 11:15 am ET, Federal Reserve Bank of Philadelphia President
Patrick Harker is expected to speak about the economic outlook and
international trade at the European Economics & Financial
Centre, in London.
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