U.S. Dollar Lower Against Most Majors
February 23 2024 - 6:30AM
RTTF2
The U.S. dollar was subdued on Friday, as investors continued to
cheer strong quarterly results from AI chipmaker Nvidia.
Shares of Nvidia continued to rise after hitting an all-time
high yesterday. Nvidia's earnings lifted the Dow and S&P 500 to
record highs on Thursday.
The Commerce Department's report on personal income and spending
will be in focus next week, as it includes readings on inflation
said to be preferred by the Federal Reserve.
Traders are also likely to keep an eye on reports on durable
goods orders, new home sales, consumer confidence and manufacturing
activity.
The greenback fell to 1.0839 against the euro and 1.2701 against
the pound, off its early highs of 1.0814 and 1.2648, respectively.
The greenback is poised to challenge support around 1.10 against
the euro and 1.28 against the pound.
The greenback edged down to 0.6580 against the aussie and 0.6211
against the kiwi, from its early highs of 0.6549 and 0.6180,
respectively. The greenback is seen finding support around 0.68
against the aussie and 0.63 against the kiwi.
The greenback eased to 150.31 against the yen, from an early
9-day high of 150.76. If the currency falls further, it is likely
to test support around the 144.00 region.
In contrast, the greenback climbed against the loonie and was
trading at 1.3503. On the upside, 1.38 is possibly seen as its next
resistance level.
The greenback rebounded against the franc and was trading at
0.8815. The greenback is likely to find resistance around the 0.90
level.
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