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Forex News: U.S. Dollar Declines Against Majors

U.S. Dollar Declines Against Majors

12/27/2017 - 07:28:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in the European session on Wednesday amid subdued trading in a holiday-shortened week.

Trading volumes were light, as many traders were still away from their desks following Christmas.

Investors await U.S. pending home sales and consumer confidence figures later in the day for more clues about the economy.

Concerns over U.S. growth prospects also weighed, as investors pondered over the impact of tax reform, which would add to federal budget deficit.

The United States on Tuesday issued sanctions against two North Korean officials who are believed to be behind their ballistic missile programs. The latest sanctions grant power to seize any property or interests they might have within U.S. jurisdiction and prohibit any dealings by U.S. citizens with them.

The currency has been trading in a negative territory in the Asian session.

The greenback retreated to 113.20 against the yen, from an early 2-day high of 113.38. If the greenback slides further, 111.00 is likely seen as its next support level.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined at a slower-than-expected pace in November.

Housing starts fell 0.4 percent year-on-year in November, much slower than October's 4.8 percent decrease.

The greenback was trading in a negative territory against the franc with the pair worth 0.9890. This may be compared to an early session's low of 0.9886. The next possible support for the greenback is seen around the 0.97 region.

Data from the investment bank UBS showed that Swiss consumption indicator dropped slightly in November, but remained above its long-term average.

The consumption index edged down to 1.67 in November from 1.68 in the previous month.

The greenback slipped to near a 2-week low of 1.3423 against the pound, off its previous high of 1.3368. Continuation of the greenback's downtrend may see it challenging support around the 1.38 region.

The greenback declined to a weekly low of 1.1895 against the euro and more than a 3-week low of 1.2637 versus the loonie, from its early highs of 1.1855 and 1.2696, respectively. On the downside, 1.20 and 1.25 are likely seen as the next possible support for the greenback against the euro and the loonie, respectively.

The greenback weakened to more than a 2-month low of 0.7773 against the aussie and a 2-1/2-month low of 0.7075 against the kiwi, off its prior highs of 0.7723 and 0.7029, respectively. The greenback is seen finding support around 0.79 versus the aussie and 0.72 against the kiwi.

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