U.S. Dollar Slides On Higher European Shares
February 27 2024 - 1:09AM
RTTF2
The U.S. dollar weakened against other major currencies in the
European session on Tuesday, as investors awaited key inflation
readings in the U.S. and Europe due this week for clues on the
timing and pace of interest rate cuts.
Gains among basic resources shares and strong earnings report
also led the gain of investor sentiment.
The benchmark U.K. FTSE 100 index is higher by 0.01% at
7,685.08, while the Germany's DAX index also traded higher by 0.31%
at 17,477.56 level. The French CAC index rose by 0.02% at
7,931.21.
Investors also await the U.S. Federal Reserve's favored core
measure of personal consumption expenditure prices, due on
Thursday.
In the Asian trading today, the greenback held steady against
its major counterparts.
In the European trading now, the U.S. dollar fell to 5-day lows
of 1.0866 against the euro and 150.12 against the yen, from early
highs of 1.0846 and 150.61, respectively. If the greenback extends
its downtrend, it is likely to find support around 1.09 against the
euro and 148.00 against the yen.
Against the Swiss franc and the Canadian dollar, the greenback
slipped to 4-day lows 0.8784 and 1.3489 from early highs of 0.8808
and 1.3514, respectively. The greenback may test support near 0.85
against the franc and 1.33 against the loonie.
The greenback dropped to 1.2697 against the pound, from an early
high of 1.2674. On the downside, 1.28 is seen as the nxt support
level for the greenback.
Moving away from early 1-week highs of 0.6525 against the
Australian dollar and 0.6151 against the NZ dollar, the greenback
edged down to 0.6558 and 0.6176, respectively. The next possible
downside target for the greenback is seen around 0.66 against the
aussie and 0.63 against the kiwi.
Looking ahead, U.S. durable goods orders for January, house
price index for December, U.S. Consumer Boards's consumer
confidence for February, U.S. Richmond Fed manufacturing index for
February and Dallas Fed services index for February are slated for
release in the New York session.
At 8:40 am ET, Bank of England Deputy Governor Dave Ramsden will
give a speech at AFME bonds conference, in London, U.K.
At 9:05 am ET, Federal Reserve Vice Chair for Supervision
Michael Barr will deliver a speech virtually on "Counterfeit Credit
Risk" before the Conference on Counterparty Credit Risk Management
hosted by the Federal Reserve Bank of New York, in Washington D.C.,
U.S.
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