U.S. Dollar Slides Against Majors
July 27 2015 - 1:26AM
RTTF2
The U.S. dollar weakened against the other major currencies in
the Asian session on Monday in the wake of Friday's lackluster home
sales data from the U.S.
Report from the Commerce Department on Friday showed that the
new home sales in the U.S. unexpectedly pulled back in June, with
sales falling to their lowest level in seven months.
Concerns over the timing of the imminent Federal Reserve
interest rate hike this year also weighed on the sentiment. All
eyes are now on the U.S. Federal Reserve's policy meeting scheduled
for Tuesday and Wednesday for fresh cues on the timing of the first
rate hike in nearly a decade.
Last Friday, the U.S. dollar showed mixed trading against its
major rivals. While the U.S. dollar rose against the pound and the
Swiss franc, it fell against the yen. Meanwhile, the greenback held
steady against the euro.
In the Asian trading now, the U.S. dollar fell to nearly a
2-week low of 123.42 against the yen, from Friday's closing value
of 123.76. The greenback may test support near the 121.00
region.
Against the euro and the pound, the greenback dropped to 4-day
lows of 1.1013 and 1.5596 from last week's closing quotes of 1.0976
and 1.5504, respectively. If the greenback extends its downtrend,
it is likely to find support around 1.12 against the euro and 1.57
against the pound.
The greenback edged down to 0.9597 against the Swiss franc, from
Friday's closing value of 0.9617. On the downside, 0.94 is seen as
the next support level for the greenback.
Against the Australia, the New Zealand and the Canadian dollars,
the greenback slipped to 0.7298, 0.6603 and 1.3021 from last week's
closing quotes of 0.7276, 0.6571 and 1.3042, respectively. The
greenback is likely to find support around 0.75 against the aussie,
0.68 against the kiwi and 1.27 against the loonie.
Looking ahead, the German import price index for June is slated
for release at 2:00 am ET. Additionally, the German Ifo business
climate index for July and Eurozone M3 money supply data for June
are due to be released at 4:00 am ET.
In the New York session, U.S. durable goods orders for June is
set to be published.
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