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Forex News: U.S. Dollar Falls Against Majors

U.S. Dollar Falls Against Majors

07/09/2018 - 07:04:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major opponents in the European session on Monday, as Friday's U.S. payrolls report showed slower-than-expected wage growth in June, reducing expectations for a fourth rate hike this year.

Although U.S. job growth increased more than expected in June, wage growth slowed, helping reduce the probability of another Fed rate hike for September.

The data showed U.S. wage growth rose 0.2 percent on month?in June, down from forecasts for 0.3 percent.

Investors digested ongoing U.S-China trade tensions, with both countries imposing tariffs on goods worth $3.4 billion on each other.

With today's economic calender being light, investors await U.S. producer prices, consumer prices and consumer sentiment due this week for more direction.

The currency has been trading in a negative territory against its major rivals in the Asian session.

The greenback fell to near a 2-week low of 0.9858 against the franc, from a high of 0.9903 hit at 6:00 pm ET. The greenback is likely to find support around the 0.97 level.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate declined marginally in June. The jobless rate dropped to a seasonally adjusted 2.6 percent in June from 2.7 percent in May. The rate was forecast to drop to 2.5 percent.

The greenback dropped to near 4-week lows of 1.1781 against the euro and 1.3363 against the pound, reversing from its early highs of 1.1740 and 1.3285,respectively. If the greenback falls further, it may find support around 1.19 against the euro and 1.35 against the pound.

The greenback weakened to near a 2-week low of 0.6850 against the kiwi and near a 4-week low of 1.3069 against the loonie and held steady thereafter. At last week's close, the greenback was worth 0.6838 against the kiwi and 1.3089 against the loonie.

The greenback slipped to 0.7481 against the aussie, its weakest since June 15. On the downside, 0.76 is possibly seen as the next support level for the greenback.

On the flip side, the greenback recovered from its early 4-day low of 110.35 against the yen and held steady thereafter. The pair closed Friday's trading at 110.45.

Survey figures from the Cabinet Office showed that a measure of peoples' assessment of the Japanese economy improved in June, in line with expectations.

The current index of Economy Watchers' survey rose to 48.1 in June from 47.1 in May.

Looking ahead, at 9:00 am ET, the European Central Bank President Mario Draghi testifies about the economy, monetary policy, and virtual currencies before the European Parliament Economic and Monetary Affairs Committee, in Brussels.

For comments and feedback: contact editorial@rttnews.com

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