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Forex News: U.S. Dollar Extends Decline As Trump's Speech Disappoints

U.S. Dollar Extends Decline As Trump's Speech Disappoints

01/12/2017 - 03:38:00 (RTTNews)

(RTTNews) - The U.S. dollar extended fall against its major opponents in early European session on Thursday, after the U.S. President-elect Donald Trump gave little details on his fiscal policies and tax reforms, disappointing investors.

In his first press conference since the election victory, Trump neither gave specific details on the fiscal stimulus nor tax reform measures, disappointing investors who had hoped more clarity on these policies.

Trump accepted that Russia was behind the hacking operation that led to demoralizing leaks for Hillary Clinton and the Democrats.

Trump insisted that he would build a full border wall with Mexico, and force the Mexican government for its payment later.

The U.S. treasury yields fell, with the benchmark yield on 10-year note falling 2.3 percent, while that of 2-year equivalent was down by 1.15 percent. Yields move inversely to bond prices.

Market participants await speeches from Chicago Fed President Charles Evans, Atlanta Fed President Dennis Lockhart, Philadelphia Fed President Patrick, St. Louis President James Bullard and the Fed Chair Janet Yellen later in the day, as well as reports on weekly jobless claims and import prices for more clues about economic outlook.

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

The greenback dropped to near a 2-week low of 1.0643 against the euro, compared to Wednesday's closing value of 1.0582. The next possible support for the greenback is seen around the 1.10 mark.

The greenback declined to 114.18 against the Japanese yen, its weakest since December 9, 2016. Continuation of the greenback-yen's downtrend may lead it to a support around the 112.6 level.

Survey figures from the Cabinet Office showed that a measure of peoples' assessment of the Japanese economy held steady at the end of the year.

The current index of Economy Watchers' survey came in at 51.4 in December, the same reading as in the previous month. In October, the score was 48.4.

The greenback that closed Wednesday's trading at 1.2208 against the pound weakened to 1.2264. Further weakness may take the greenback to a support around the 1.24 region.

Data from the National Institute of Economic and Social Research showed that the U.K. economy expanded at a steady pace in the fourth quarter.

Output grew 0.5 percent in the fourth quarter, the same pace as seen in three months ended November.

The greenback fell to a weekly low of 1.0088 against the Swiss franc, compared to 1.0141 hit late New York Wednesday. The greenback is seen finding support around the 0.99 area.

The greenback slid to a 4-week low of 0.7115 against the kiwi, more than 4-week lows of 1.3107 against the loonie and 0.7494 against the aussie, from its early highs of 0.7046, 1.3184 and 0.7430, respectively. On the downside, the greenback may locate support around 0.72 against the kiwi, 1.29 against the loonie and 0.76 against the aussie.

Looking ahead, Eurozone industrial production for November is due to be released at 5:00 am ET.

At 7:30 am ET, European Central Bank's publishes monetary policy meeting accounts.

In the New York session, Canada new housing price index for November, U.S. import price index for December, and U.S. weekly jobless claims for the week ended January 7 are set to be published.

At 8:30 am ET, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Atlanta President Dennis Lockhart are expected to speak about the economic outlook and monetary policy at the American Council of Life Insurers, in Naples.

At the same time, Federal Reserve Bank of Philadelphia President Patrick Harker will deliver a speech at the Desmond Hotel, in Pennsylvania.

At 1:15 pm ET, Federal Reserve Bank of St. Louis President James Bullard gives a presentation on the U.S. economy and monetary policy before the Forecasters Club of New York.

At 1:45 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated Q&A before the Dallas Regional Chamber Annual Meeting, in Dallas, U.S.

For comments and feedback: contact editorial@rttnews.com

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