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Forex News: U.S. Dollar Falls On Trump's Comments

U.S. Dollar Falls On Trump's Comments

07/20/2018 - 04:02:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major counterparts in the Asian session on Friday, in reaction to overnight comments from U.S. President Donald Trump indicating discomfort with the Federal Reserve's interest rate increases.

"I'm not thrilled," Trump said in the interview with CNBC. "Because we go up and every time you go up they want to raise rates again. I don't really - I am not happy about it."

"Our currency is going up, and I have to tell you it puts us at a disadvantage."

Trump said that the Chinese yuan "has been dropping like a rock," which harms U.S. trade deals.

Meanwhile, Asian markets were mixed after China allowed its yuan currency to slide further to its lowest level in a year, stoking concerns that China could turn a trade war into a currency war. Worries about the European Union imposing retaliatory tariffs on U.S. goods also weighed on investor sentiment.

The greenback edged down to 0.6765 against the kiwi, 1.3246 against the loonie and 0.7384 against the aussie, from its early high of 0.6720, session's high of 1.3290 and more than a 2-week high of 0.7318, respectively. On the downside, 0.69, 1.30 and 0.75 are likely seen as the next support levels for the greenback against the kiwi, the loonie and the aussie, respectively.

The greenback reversed from its early highs of 1.2995 against the pound and 1.1626 against the euro, ticking down to 1.3036 and 1.1674, respectively. The greenback is likely to target support around 1.32 against the pound and 1.18 against the euro.

Pulling away from its early highs of 1.0010 against the franc and 112.62 against the yen, the greenback ticked down to 0.9981 and 112.21, respectively. The greenback is seen finding support around 0.98 against the franc and 111.00 against the yen.

Looking ahead, U.K. public sector finance data for June is due in the European session.

In the New York session, Canada retail sales for May and consumer inflation for June are scheduled for release.

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