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Forex News: Dollar Lower Amid Risk Appetite

Dollar Lower Amid Risk Appetite

06/28/2019 - 08:12:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its major counterparts in the European session on Friday amid risk appetite, as a two-day Group of 20 summit began in Japan's western city of Osaka, with focus on free trade.

U.S. President Trump and Chinese President Xi will meet on the sidelines of the summit amid hopes that they will reach some sort of agreement that would avoid the imposition of additional tariffs on each other's products.

Speaking to reporters at the G-20 summit in Japan, Trump struck an optimistic note about the upcoming meeting with Chinese counterpart Xi Jinping, saying he expects to "have a very good chance" of doing "something."

Investors also await reports on personal income and spending, Chicago-area business activity and consumer sentiment due shortly.

The currency traded mixed against its major counterparts in the Asian session. While it fell against the franc and the yen, it was steady against the euro and the pound.

The greenback slipped to a 2-day low of 0.9738 against the franc, from a high of 0.9769 hit at 7:00 pm ET. The next possible support for the greenback is seen around the 0.96 region.

The greenback that ended Thursday's trading at 1.1369 against the euro weakened to a 3-day low of 1.1394. If the greenback extends decline, 1.15 is possibly seen as its next support level.

Flash data from Eurostat showed that Eurozone consumer prices increased at a steady pace in June.

Inflation came in at 1.2 percent, the same rate as seen in May. The rate came in line with expectations.

The greenback remained lower at 107.66 against the yen, not far from a 2-day low of 107.56 seen at 10:30 pm ET. On the downside, 106.00 is possibly seen as the next support level for the greenback.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined for the second month in May.

Housing starts dropped by more-than-expected 8.7 percent year-on-year in May, following a 5.7 percent decline in April. Economists had forecast the housing starts to fall 4.2 percent.

The U.S. currency edged lower to 1.2687 against the pound, after rising to 1.2663 at 5:15 pm ET. The greenback is seen finding support around the 1.29 mark.

Data from the Office for National Statistics showed that the UK economy expanded at a faster pace in the first quarter, as previously estimated.

Gross domestic product climbed 0.5 percent sequentially, unrevised from the first estimate, and faster than the 0.2 percent growth registered in the fourth quarter.

The greenback declined to near a 5-month low of 1.3085 against the loonie and held steady thereafter. The pair had finished Thursday's trading at 1.3094.

The greenback dropped to more than a 2-month low of 0.6711 against the kiwi and held steady thereafter. At yesterday's close, the pair was worth 0.6698.

On the flip side, the greenback recovered to 0.7003 against the aussie, from an early 4-week low of 0.7017. The currency is likely to target resistance around the 0.68 mark.

Looking ahead, Canada GDP data for April and industrial product price index for May, U.S. personal income and spending data for the same month and University of Michigan's final consumer sentiment index for June will be featured in the New York session.

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