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Forex News: U.S. Dollar Falls Ahead Of Yellen's Speech

U.S. Dollar Falls Ahead Of Yellen's Speech

06/27/2017 - 06:38:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major opponents in early European deals on Tuesday, with investors awaiting speech from the Fed Chair Janet Yellen for more clues on the trajectory of interest rates in the rest of the year.

Yellen is set speak about global economic issues at the British Academy 'President's Lecture' in London at 1:00 pm ET.

Despite recent batch of mixed data, Yellen is unlikely to deviate from the bank's plan to raise the benchmark rate once again in 2017.

Investors look forward to consumer confidence index due today and pending home sales on Wednesday, followed by U.S. GDP data on Thursday for more clues about the health of the economy.

Meanwhile, European markets are lower after the European Central President Mario Draghi defended the bank's loose policy stance and said the stimulus is still needed to lead to a gradual rise in prices. The greenback showed mixed performance in the Asian session. While the greenback held steady against the franc, euro and the pound, it rose against the yen.

The greenback dropped to an 8-day low of 1.2772 against the pound, after having advanced to 1.2716 at 11:00 pm ET. The next possible downside target for the greenback is seen around the 1.29 region.

Retreating from an early near 5-week high of 112.08 versus the yen, the greenback edged down to 111.46. If the greenback-yen pair extends slide, 110.00 is likely seen as its next support level.

The greenback slipped to near 2-week lows of 1.1265 against the euro and 0.9660 against the franc, off its previous highs of 1.1179 and 0.9733, respectively. Continuation of the greenback's downtrend may see it challenging support around 1.14 against the euro and 0.95 against the franc.

The greenback dropped to near a 5-month low of 0.7344 against the kiwi and a weekly low of 0.7624 against the aussie, from its early highs of 0.7275 and 0.7577, respectively. The greenback is seen finding support around 0.74 against the kiwi and 0.77 against the aussie.

The greenback reversed from an early high of 1.3261 against the loonie, edging down to 1.3220. Further weakness may take the greenback to a support around the 1.30 level.

Looking ahead, U.S. S&P/Case-Shiller home price index for April, U.S. consumer confidence index for June, and U.S. Richmond Fed manufacturing index for June are slated for release in the New York session.

At 11:15 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook and international trade at the European Economics & Financial Centre, in London.

For comments and feedback: contact editorial@rttnews.com

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