U.S. Dollar Weakens Against Majors
November 28 2023 - 6:45AM
RTTF2
The U.S. dollar fell against its major counterparts in the New
York session on Tuesday on hopes of a dovish pivot by the Federal
Reserve. Recent data has fuelled expectations that the Fed is done
raising rates.
Investors focus on U.S. personal income and spending data due on
Thursday, which includes readings on inflation said to be preferred
by the Federal Reserve.
Reports on weekly jobless claims, pending home sales and
manufacturing activity are due along with the Fed's Beige Book as
well as remarks by Fed Chair Jerome Powell.
The dollar index dropped 0.20 percent to 102.99 from the
previous close of 103.20.
The greenback dropped to near 4-month lows of 0.6119 against the
kiwi and 0.6632 against the aussie, off its early highs of 0.6079
and 0.6596, respectively. The greenback is seen finding support
around 0.63 against the kiwi and 0.69 against the aussie.
The greenback fell to near 3-month lows of 1.2667 against the
pound and 0.8777 against the franc, from its early highs of 1.2606
and 0.8819, respectively. The currency is likely to locate support
around 1.31 against the pound and 0.86 against the franc.
The greenback declined to a 1-week low of 147.70 against the yen
and a 3-1/2-month low of 1.0988 against the euro, reversing from
its previous highs of 148.83 and 1.0934, respectively. The
greenback is poised to challenge support around 144.00 against the
yen and 1.12 against the euro.
Against the loonie, the greenback was down at a 1-1/2-month low
of 1.3573. The greenback may locate support around the 1.33
mark.
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