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Forex News: U.S. Dollar Falls After Soft China Data; Powell's

U.S. Dollar Falls After Soft China Data; Powell's Testimony Awaited

07/16/2018 - 09:47:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major counterparts in the European session on Monday, as China's economy expanded at a slower pace in the second quarter and investors awaited Fed Chair Jerome Powell's congressional testimony due this week for more clues about monetary policy outlook.

Data from the National Bureau of Statistics showed that gross domestic product expanded 6.7 percent year-on-year in the three months to June after growing 6.8 percent in the first quarter. Growth was in line with economists' expectations.

The pace of expansion was the slowest since the third quarter of 2016, when the economy grew 6.7 percent.

Concerns over trade war persisted, as China filed a complaint with the World Trade Organization against the U.S. plan to impose tariffs on Chinese goods worth 200 billion.

Powell will appear before the Congress on Tuesday and Wednesday, when he will discuss the state of the economy and monetary policy.

Data from the Commerce Department showed that U.S. retail sales increased in line with economist estimates in the month of June.

The report said retail sales climbed by 0.5 percent in June after soaring by an upwardly revised 1.3 percent in May. Economists had expected sales to rise by 0.5 percent compared to the 0.8 percent increase originally reported for the previous month.

Excluding a jump in auto sales, retail sales still rose by 0.4 percent in June following a 1.4 percent spike in May. The increase in ex-auto sales also matched economist estimates.

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

The greenback dropped to a 4-day low of 0.9969 against the franc, from a high of 1.0024 hit at 7:10 pm ET. On the downside, 0.98 is likely seen as the next support level for the greenback.

Reversing from an early high of 0.6758 against the kiwi, the greenback depreciated to a 5-day low of 0.6793. The greenback is likely to find support around the 0.69 level.

The latest survey from BusinessNZ showed that the services sector in New Zealand continued to expand in June, albeit at a much slower rate, with a Performance of Services Index score of 52.8.

That's down from the downwardly revised 57.1 in May.

The greenback slipped to a 5-day low of 1.1725 against the euro and a 6-day low of 1.3293 against the pound, coming off from its early highs of 1.1676 and 1.3225, respectively. The next possible support for the greenback is seen around 1.19 against the euro and 1.34 against the pound.

The greenback declined to 5-day lows of 0.7443 against the aussie and 1.3137 against the loonie, from its previous highs of 0.7409 and 1.3163, respectively and held steady thereafter. The greenback finished Friday's trading at 0.7422 against the aussie and 1.3153 against the loonie.

The greenback eased back to 112.27 against the yen, not far from its early 4-day low of 112.20. If the greenback continues its fall, 111.00 is possibly seen as its next support level.

The U.S. business inventories for May are due shortly.

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