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Forex News: U.S. Dollar Falls Ahead Of Fed Minutes

U.S. Dollar Falls Ahead Of Fed Minutes

04/11/2018 - 06:42:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its most major counterparts in early European deals on Wednesday, as investors awaited U.S. inflation data and the minutes from the latest Fed meeting for more clues about policy outlook.

The U.S. Labor Department will release consumer prices for March at 8:30 am ET. The inflation is expected to stagnate on a monthly basis, compared to a 0.2 percent rise in February.

At 2 pm ET, the Fed releases minutes of its March 20-21 meeting, the first under Chairman Jerome Powell.

At the meeting, the policy makers raised interest rates by 25 basis points and signaled two more rate hikes for this year, dampening hopes for aggressive rate hike path.

Caution prevailed following reports that U.S. President Donald Trump is considering more aggressive strike in Syria within the next 48 hours.

Russia has threatened to shoot down any U.S. missiles fired at neighboring Syria if the U.S. decides to strike Syrian bases in response to a chemical attack.

The currency has been trading in a negative territory against its major rivals in the Asian session, with the exception of the franc.

The greenback dropped to 106.89 against the yen, from a high of 107.25 hit at 5:30 pm ET. The next possible support for the greenback is seen around the 104.00 level.

Data from the Bank of Japan showed that Japan's producer prices fell 0.1 percent on month in March.

That was in line with expectations following the upwardly revised 0.1 percent increase in February.

The greenback fell to 1.2387 against the euro, its lowest since March 28. The greenback is seen finding support around the 1.25 area.

The greenback that ended Tuesday's trading at 1.4174 against the pound dropped to a new 2-week low of 1.4223. If the greenback falls further, 1.44 is possibly seen as its support level.

Data from the Office for National Statistics showed that U.K. industrial production grew at a slower pace on weak mining and manufacturing output in February.

Industrial output edged up 0.1 percent month-on-month in February, compared to January's 1.3 percent increase. Production was expected to climb 0.4 percent.

On the flip side, the greenback climbed to a 2-day high of 0.9596 against the Swiss franc, compared to 0.9568 hit late New York Tuesday. On the upside, 0.98 is likely seen as the next resistance for the greenback.

Looking ahead, at 7:00 am ET, the European Central Bank President Mario Draghi speaks at the Generation ?uro Students' Award Ceremony in Frankfurt.

In the New York session, U.S. CPI for March, FOMC minutes from March 20-21 meeting and monthly budget statement are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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