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Forex News: U.S. Dollar Drops Against Most Majors

U.S. Dollar Drops Against Most Majors

05/14/2018 - 10:04:00 (RTTNews)

(RTTNews) - The U.S. dollar drifted lower against its most major opponents in the European session on Monday, amid profit taking, as well as on receding hopes for aggressive rate hikes by the Federal Reserve this year.

The currency was also weighed by comments from St. Louis Federal Reserve President James Bullard, who said aggressive rate increases could threaten U.S. business investment.

Last week, Bullard cautioned against raising rates further as he believes that rates have reached a 'neutral' level and further hikes would give little economic benefit.

The day's economic calendar remains light, with investors focused on US-China negotiations that begins today.

Investors await reports on retail sales, homebuilder confidence, housing starts, and industrial production due this week for more direction.

The currency traded mixed against its major rivals in the Asian session. While it fell against the euro and the pound, it held steady against the franc. Against the yen, it rose.

The greenback weakened to 0.9958 against the franc, marking an 11-day low. The greenback is likely to find support around the 0.98 level.

The greenback slipped to a 4-day low of 1.3602 against the pound and held steady thereafter. On the downside, 1.38 is likely seen as the next support for the greenback.

The greenback declined to a 10-day low of 1.1996 against the euro, off an early high of 1.1937. If the greenback continues its fall, 1.21 is possibly seen as its next support level.

The greenback pared gains to 1.2753 against the loonie, from a high of 1.2794 hit at 5:30 pm ET. The next possible support for the greenback is seen around the 1.26 level.

On the flip side, the greenback climbed to a 4-day high of 109.60 against the yen and held steady thereafter. At last week's close, the pair was worth 109.36.

Data from the Bank of Japan showed that Japan's producer prices rose 0.1 percent on month in April - in line with expectations following the 0.1 percent decline in March.

On a yearly basis, producer prices climbed 2.0 percent - again matching estimates following the 2.1 percent gain in the previous month.

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