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Forex News: U.S. Dollar Extends Decline

U.S. Dollar Extends Decline

08/21/2018 - 06:37:00 (RTTNews)

(RTTNews) - The U.S. dollar extended its early fall against its most major counterparts in the European session on Tuesday, following remarks from U.S President Donald Trump indicating discontent with the Federal Reserve's interest rate hikes and blaming China and Europe of manipulating their currencies.

In an interview with Reuters, Trump said that he was "not thrilled" with the Fed for raising interest rates.

He called the bank to do "what's good for the country" by holding off on rate hikes.

"During this period of time I should be given some help by the Fed. The other countries are accommodated, he added.

The Federal Reserve releases its minutes on Wednesday, which could provide more insights about its latest view on rate hikes.

Also in focus is the Fed's annual Economic Policy Symposium that will begin in Jackson Hole, Wyoming, on Thursday. Fed Chair Jerome Powell is scheduled to speak on Friday on topic "Monetary Policy in a Changing Economy."

The currency has been trading in a negative territory against its major rivals in the Asian session.

The greenback declined to 0.9867 against the franc, its lowest since July 31. The greenback is poised to locate support around the 0.97 level.

The greenback fell back to 1.1540 against the euro, heading to piece near a 2-week low of 1.1542 hit at 8:30 pm ET. On the downside, 1.18 is possibly seen as the next support level for the greenback.

The U.S. currency declined to near a 2-week low of 1.2846 against the pound, compared to Monday's closing value of 1.2795. If the greenback falls further, 1.31 is likely seen as its next support level.

The greenback weakened to near 2-week lows of 1.3021 against the loonie, 0.7366 against the aussie and 0.6675 against the kiwi, from yesterday's closing values of 1.3041, 0.7338 and 0.6638, respectively. The greenback is likely to challenge support around 1.29 against the loonie, 0.75 against the aussie and 0.68 against the kiwi.

On the flip side, the greenback bounced off to 110.29 against the yen, from near a 2-month low of 109.77 touched at 9:00 pm ET. The next likely resistance for the greenback is seen around the 111.00 level.

Looking ahead, at 8:30 am ET, Canada wholesale sales for June are set for release.

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