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Forex News: U.S. Dollar Drops Against Majors

U.S. Dollar Drops Against Majors

08/21/2017 - 10:29:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its key counterparts in the European session on Monday, as the dismissal of chief strategist Steve Bannon from the Trump team escalated worries about the President's ability to push through his economic agenda.

Trump fired Bannon on Friday, becoming the latest to depart from the president's administration in turmoil. Although Bannon offered his resignation to Trump on August 7, it had been pushed back following the violence in a white nationalist rally in Charlottesville, Virginia.

The latest political turmoil in the White House triggered worries about Trump's ability to make progress on his pro-growth promises.

Investors focus on the Federal Reserve's economic policy symposium in Jackson Hole, Wyoming, later this week.

Fed Chair Janet Yellen is scheduled to speak at the symposium on Friday, and traders are likely to keep an eye on her remarks for clues about the outlook for monetary policy.

Reports on new and existing home sales and durable goods orders are also likely to attract attention in the coming days.

The greenback showed mixed performance in the Asian session. While the currency fell against the pound and the yen, it rose against the euro and the franc.

Reversing from an early 4-day high of 0.9685 against the Swiss franc, the greenback eased back to 0.9637. If the greenback-franc pair extends slide, 0.93 is possibly seen as its next support level.

Data from the Swiss National Bank showed that Switzerland's money supply growth remained stable in July.

The broad monetary aggregate M3 grew 4 percent year-on-year in July, the same rate as seen in June.

The greenback hit a 4-day low of 1.1790 against the euro, after having advanced to 1.1731 at 3:00 am ET. On the downside, 1.19 is likely seen as the next support level for the greenback.

Monthly report from the Bundesbank showed that the German economy is set to continue strong momentum in the current quarter.

The central bank said GDP growth in the current year could even be somewhat stronger than expected in the June projection. The bank had earlier forecast 1.9 percent growth for 2017.

The greenback edged down to 108.80 against the yen and 1.2903 against the pound, off its early highs of 109.42 and 1.2850, respectively. The next possible support levels for the greenback are seen around 106.00 against the yen and 1.31 against the pound.

The greenback pared gains to 1.2567 against the loonie, from a high of 1.2607 hit at 5:00 am ET. The greenback may possibly challenge support around the 1.22 region.

The greenback slid to a 4-day low of 0.7950 against the aussie, from a high of 0.7911 hit at 5:00 am ET. The greenback is seen finding support around the 0.82 mark.

The greenback reversed from an early high of 0.7305 against the kiwi, dropping to 0.7332. Continuation of the greenback's downtrend may see it challenging support around the 0.75 area.

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