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

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

08/25/2017 - 08:25:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major rivals in the European session on Friday, reversing early gains, as investors awaited the Federal Reserve Chair Janet Yellen's remarks at the annual Jackson Hole Economic Symposium for policy clues.

The Conference, hosted by the Kansas Federal Reserve, started late Thursday and will run through Saturday. Yellen's topic of the speech is financial stability, scheduled at 10 am ET.

Traders keenly await Yellen's comments for any suggestion that a weak inflation may impact the Fed's plans for further rate hikes.

As the Fed has made it clear that it would unwind its $4.5 trillion balance sheet this year, market participants are keen to see whether such an announcement may come as soon as next month.

Also in focus is the Commerce Department's Durable Goods Orders for July, due at 8.30 am ET. The new orders consensus is for a decline of 6.0 percent, compared to growth of 6.4 percent last month.

The currency showed mixed performance in the Asian session. While it rose against the yen and the euro, it held steady against the franc and the pound.

The greenback fell to 0.9629 against the franc and 109.50 against the yen, off its early high of 0.9663 and a 2-day high of 109.78, respectively. On the downside, 0.95 and 108.00 are likely seen as the next support levels for the greenback against the franc and the yen, respectively.

The greenback weakened to a 3-day low of 1.2840 against the pound and a 4-day low of 1.1828 against the euro, reversing from its early high of 1.2794 and a 2-day high of 1.1773, respectively. The greenback is seen finding support around 1.29 against the pound and 1.19 against the euro.

The greenback edged down to 0.7229 against the kiwi, off its previous high of 0.7197. Continuation of the greenback's downtrend may see it challenging support around the 0.73 region.

The greenback dropped to a 3-day low of 0.7920 against the aussie, compared to Thursday's closing value of 0.7898. If the greenback falls further, 0.80 is possibly seen as its next support level.

Extending early fall, the greenback fell to more than a 3-week low of 1.2503 against the loonie. This may be compared to Thursday's closing value of 1.2519. The next possible support for the greenback-loonie pair is seen around the 1.22 mark.

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