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Forex News: U.S. Dollar Falls Amid Risk Appetite

U.S. Dollar Falls Amid Risk Appetite

05/03/2024 - 02:50:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Friday amid risk appetite, as traders had expressed some concerns the U.S. Fed's next monetary policy move could actually be an interest rate hike rather than a cut, but Fed Chair Jerome Powell post-meeting alleviated those worries. Powell said the next rate move from the central bank will most likely be an interest rate reduction.

Investors await the U.S. Nonfarm Payrolls data for April, due later in the day. The economists forecast to add 243K job in the U.S. economy.

In the Asian trading now, the U.S. dollar fell to a 1-week low of 1.0740 against the euro and a 3-day low of 1.2557 against the pound, from yesterday's closing quotes of 1.0725 and 1.2531, respectively. If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro and 1.27 against the pound.

Against the yen and the Swiss franc, the greenback dropped to a 3-week low of 152.75 and a 2-week low of 0.9081 from Thursday's closing quotes of 153.63 and 0.9105, respectively. The greenback is likely to find its support around 151.00 against the yen and 0.89 against the franc.

Against the Australia and the Canadian dollars, the greenback slipped to 4-day lows of 0.6586 and 1.3655 from yesterday's closing quotes of 0.6563 and 1.3671, respectively. On the upside, 0.66 against the aussie and 1.35 against the kiwi are seen as the next support levels for the greenback.

The greenback slid to a 3-day low of 0.5979 against the NZ dollar, from yesterday's closing value of 0.5955. The greenback may test support around the 0.60 region.

Looking ahead, U.K. services PMI for April and Eurozone unemployment rate for March are due to be released in the European session.

In the New York session, U.S. jobs data for April, U.S. and Canada services PMI for April and U.S. Baker Hughes oil rig count data are slated for release.

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