U.S. Dollar Weakens Ahead Of Fed Policy Review
October 30 2023 - 8:48AM
RTTF2
The U.S. dollar declined against its major counterparts in the
European session on Monday, as investors awaited the Federal
Reserve's policy meeting for clues on the outlook for interest
rates.
The Fed meeting will begin on Tuesday, with an announcement due
Wednesday.
With the Fed widely expected to leave interest rates unchanged,
traders will pay close attention to the accompanying statement for
clues about the potential for further rate hikes.
All eyes are on key economic releases, including the non-farm
payrolls report due on Friday.
Economists expect a job growth of 180,000 in October, down from
an increase of 336,000 jobs in the previous month. The unemployment
rate is expected to remain steady at 3.8 percent.
The greenback fell to 1.3813 against the loonie and 0.5843
against the kiwi, off its early highs of 1.3873 and 0.5804,
respectively. The greenback is poised to challenge support around
1.33 against the loonie and 0.62 against the kiwi.
The greenback depreciated to a 6-day low of 1.0625 against the
euro, near 2-week low of 148.80 against the yen and a 5-day low of
0.6383 against the aussie, from its early highs of 1.0547, 149.85
and 0.6332, respectively. The next possible support for the
currency is seen around 1.08 against the euro, 148.00 against the
yen and 0.68 against the aussie.
The greenback eased to 0.9007 against the franc, from an early
nearly 3-week high of 0.9048. If the currency slides again, it may
find support around the 0.89 area.
The greenback touched a 5-day low of 1.2164 against the pound,
reversing from an early 4-day high of 1.2089. The greenback is seen
finding support around the 1.24 level.
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