U.S. Dollar Slides Against Majors
November 23 2015 - 7:20PM
RTTF2
The U.S. dollar weakened against the other major currencies in
the Asian session on Tuesday amid profit taking following its
recent gains.
Data from the National Association of Realtors showed on Monday
that existing home sales fell 3.4 percent to an annual rate of 5.36
million in October after surging up 4.7 percent to a rate of 5.55
million in September. Economists had expected sales to drop to a
rate of 5.40 million.
Also, data from Markit showed that the U.S. flash manufacturing
PMI fell to a reading of 52.6 in November, from 54.1 in October.
This marked the lowest level in 25 months.
Meanwhile, gold recovered from yesterday's multi-year low. Spot
gold rose US$1,070.00 an ounce. Also, crude oil for January
delivery are currently up $0.22 to $41.97 a barrel.
Crude oil prices rose after Saudi Arabia signaled that it is
ready to co-operate with OPEC and non-OPEC producers to preserve
price stability in oil markets. Markets speculate the Federal
Reserve will announce an interest rate hike at its December
meeting. At the same time, the European Central Bank is widely
expected to announce further stimulus measures at its next
meeting.
Monday, the U.S. dollar rose in the wake of comments from
Federal Reserve officials about the prospect of a U.S. rate hike in
December. The U.S. dollar rose 0.06 percent against the euro, 0.42
percent against the pound, 0.26 percent against the Swiss franc and
0.16 percent against the yen.
In the Asian trading, the U.S. dollar fell to a 5-day low of
122.67 against the yen and a 4-day low of 1.0169 against the Swiss
franc, from yesterday's closing quotes of 122.84 and 1.0179,
respectively. If the greenback extends its downtrend, it is likely
to find support around 121.00 against the yen and 1.00 against the
franc.
Against the euro and the pound, the greenback dropped to 1.0645
and 1.5139 from yesterday's closing quotes of 1.0635 and 1.5122,
respectively. The greenback is likely to find support around the
1.08 against the euro and 1.53 against the pound.
Against the commodity currencies such as the Australian, the New
Zealand and the Canadian dollars, the greenback dropped to 0.7207,
0.6537 and 1.3341 from yesterday's closing quotes of 0.7191, 0.6517
and 1.3364, respectively. On the downside, 0.73 against the aussie,
0.67 against the kiwi and 1.31 against the loonie are seen as the
next support levels for the greenback. Looking ahead, final German
GDP data for the third quarter is due to be released in the
pre-European session oat 2:00 am ET.
The German Ifo business climate index for November is slated for
release later in the day.
At 4:05 am ET, Reserve Bank of Australia Governor Glenn Stevens
is expected to speak about issues in economic policy at the
Australian Business Economists Annual Dinner in Sydney.
At 5:00 am ET, Bank of England Governor Mark Carney and other
policymakers Andy Haldane, Gertjan Vlieghe and Kristin Forbes
appear before British parliament's Treasury Committee in
London.
Bank of France new chief Francois Villeroy de Galhau holds news
conference on new 20-euro banknote in Paris at 5:30 am ET.
In the New York session, preliminary third quarter U.S. GDP
data, U.S. S&P/Case-Shiller home price index for September,
U.S. Richmond Fed manufacturing index for November and U.S.
consumer confidence index for November are set to be announced.
At 3:30 pm ET, Bank of Canada Deputy Governor Lynn Patterson
will give a presentation as part of the bank's regional outreach
program at the University of Regina in Canada.
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