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Forex News: U.S. Dollar Extends Slide

U.S. Dollar Extends Slide

01/25/2018 - 03:06:00 (RTTNews)

(RTTNews) - The U.S. dollar continued to be lower against its major opponents in the Asian session on Thursday, following comments from the U.S. Treasury secretary Steve Mnuchin favoring a weak domestic currency to boost U.S. trade.

A weak currency is beneficial to the economy as it enhances "trade and opportunities," Mnuchin told at the World Economic Forum in Davos, Switzerland, on Wednesday.

The short term value of the dollar is "not a concern of ours at all," he said.

The Secretary of Commerce, Wilbur Ross, defended Trump's protectionist stance at the forum, saying that trade wars happen every day.

"A trade war has been in place for quite a little while, the difference is the U.S. troops are now coming to the rampart," he said.

Renewed worries over Donald Trump's America First policies and other protectionist measures like tax cuts also weighed on the dollar.

Investors also look ahead to the ECB meeting later today for clues to whether the central bank would continue stimulus measures at least through September.

Traders will be keeping a close eye on the wording of the forward guidance after policymakers agreed in December to 'revisit' it early this year.

The dollar slumped on Wednesday after Mnuchin's remarks. It dropped 0.98 percent against the yen, 1.35 percent against the franc, 0.89 percent against the euro and 1.7 percent against the pound for the day.

The greenback that closed Wednesday's deals at 1.2407 against the euro slipped to more than a 3-year low of 1.2459. The greenback is seen finding support around the 1.27 level.

The greenback dropped to a 1-1/2-year low of 1.4329 against the pound and a 2-1/2-year low of 0.9391 versus the franc from yesterday's closing values of 1.4235 and 0.9448, respectively. Continuation of the greenback's downtrend may see it challenging support around 1.44 against the pound and 0.91 against the franc.

The greenback fell to a 4-month low of 1.2293 against the loonie, 4-1/2-month low of 0.8119 against the aussie and more than a 4-month low of 108.74 against the yen, compared to yesterday's closing values of 1.2346, 0.8062 and 109.22, respectively. If the greenback falls further, it may find support around 105.00 against the yen, 0.83 against the aussie and 1.21 against the loonie.

Looking ahead, German Ifo business climate index for January is set for release in the European session.

At 7:45 am ET, the European Central Bank announces decision on rates. Economists expect the bank to maintain its refi rate unchanged at zero percent.

In the New York session, Canada retail sales for November, weekly jobless claims for the week ended January 20, wholesale inventories and new home sales for December are set for release.

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