U.S. Dollar Falls On Powell's Comments

Date : 11/29/2018 @ 2:57AM
Source : RTTF2
Stock : Australian Dollar (B) VS United States Dollar Spot (Aud/USD) (AUDUSD)
Quote : 0.7157  0.0 (0.00%) @ 1:00AM
Australian Dollar vs United Stat share price Chart

U.S. Dollar Falls On Powell's Comments

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6 Months : From Oct 2018 to Apr 2019

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The U.S. dollar drifted lower against its major opponents in late Asian deals on Thursday, following remarks from Federal Reserve Chairman Jerome Powell suggesting the possibility for a moderation in the pace of policy tightening for next year.

Speaking to the Economic Club of New York, Powell said that the central bank's base interest rate was "just below" estimates of a "neutral" level, where it neither stimulate nor cool the economy.

"Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy--that is, neither speeding up nor slowing down growth," Powell said.

Powell's remarks came on the heels of criticism by President Donald Trump, who warned the Fed Chair for rate hikes.

The greenback slipped to 3-day lows of 113.21 against the yen and 1.2850 against the pound, from its early highs of 113.68 and 1.2819, respectively. The greenback is likely to find support around 112.00 against the yen and 1.30 against the pound.

Reversing from its early highs of 0.9939 against the franc and 1.1363 against the euro, the greenback fell to a 9-day low of 0.9918 and a 6-day low of 1.1392, respectively. The next possible support for the greenback is seen around 0.97 against the franc and 1.15 against the euro.

The greenback pared gains to 1.3262 against the loonie, 0.7322 against the aussie and 0.6873 against the kiwi, from its early highs of 1.3287, 0.7295 and 0.6838, respectively. If the greenback slides further, it may find support around 1.30 against the loonie, 0.75 against the aussie and 0.70 against the kiwi.

Looking ahead, German jobless rate and Eurozone economic confidence index for November as well as U.K. mortgage approvals and M4 money supply for October are due in the European session.

At 8:00 am ET, German preliminary CPI for November is scheduled for release.

U.S. weekly jobless claims for the week ended November 24, pending home sales and personal income and spending data for October will be out in the New York session.

The Federal Reserve releases minutes from the November 7-8 meeting at 2:00 pm ET.

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