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Forex News: U.S. Dollar Falls As US Govt. Shutdown Continues

U.S. Dollar Falls As US Govt. Shutdown Continues

01/22/2018 - 06:26:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in early European deals on Monday, as the U.S. government shutdown entered its third day amid stalemate in the Senate over the passage of a short-term funding bill.

The Senate canceled a scheduled vote on temporary spending bill at 1:00 am ET, delaying it to be held at noon.

The deadlock stems from the Democrats' resentment over the Republicans' immigration plan, which they sought to be negotiated with the bill.

The Senate's procedural rules require 60 votes to get the bill passed in the 100-member chamber.

Investors await monetary policy decisions from central banks in Europe and Japan this week, although no major changes are expected.

The currency was higher against its major rivals in the Asian session.

The greenback fell to 1.3916 against the pound, from a high of 1.3857 hit at 8:30 pm ET. The greenback is seen finding support around the 1.42 region.

Survey by IHS Markit and market research company Ipsos Mori showed that British households' current financial pressures intensified at the sharpest pace in four months in January.

The seasonally adjusted Household Finance Index, of HFI, dropped 43.0 in January from 43.7 in December.

The greenback dropped to 1.2272 against the euro and 0.9593 against the franc, off its early highs of 1.2214 and 0.9636, respectively. If the greenback falls further, 1.25 and 0.94 are likely seen as its next support levels against the euro and the franc, respectively.

Reversing from an early high of 110.92 against the yen, the greenback edged down to 110.66. Continuation of the greenback's downtrend may see it challenging support around the 109.00 mark.

Figures from Japan Franchise Association showed that Japan's convenience store sales decreased again in December.

Convenience store sales fell 0.3 percent year-on-year, the same pace of decline as registered in November.

The greenback retreated to 1.2461 against the loonie, 0.8018 against the aussie and 0.7310 against the kiwi, from its early high of 1.2496 and 4-day highs of 0.7979 and 0.7268, respectively. The greenback is likely to find support around 1.23 against the loonie, 0.82 against the aussie and 0.74 against the kiwi.

Looking ahead, Canada wholesale sales for November are set for release.

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