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Forex News: U.S. Dollar Falls As U.S. Senate Vote Delays

U.S. Dollar Falls As U.S. Senate Vote Delays

06/28/2017 - 03:18:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian currencies on Wednesday, as the U.S. Senate's move to delay a vote on healthcare bill to replace Obamacare until after next week's 4 July holiday rekindled U.S. policy worries.

Concerns whether the Trump administration will be able to deliver pledged tax cuts and infrastructure spending also dampened sentiment.

Investors also digested European Central Bank President Mario Draghi's comments that the central bank could trim its stimulus this year.

In the Asian trading, the U.S. dollar fell to nearly a 1-year low of 1.1355 against the euro and a 4-month low of 1.3138 against the Canadian dollar, from yesterday's closing quotes of 1.1338 and 1.3198, respectively. If the greenback extends its downtrend, it is likely to find support around 1.15 against the euro and 1.30 against the loonie.

Against the NZ dollar, the greenback dropped to 0.7285 from an early 5-day high of 0.7259. The greenback may test support near the 0.73 region.

Against the pound, the yen and the Swiss franc, the greenback edged down to 1.2821, 112.03 and 0.9594 from yesterday's closing quotes of 1.2812, 112.34 and 0.9604, respectively. On the downside, 1.31 against the pound, 108.00 against the yen and 0.94 against the franc are seen as the next support levels for the greenback.

The greenback slipped to 0.7617 against the Australian dollar, from yesterday's closing value of 0.7581. The currency is likely to find support around the 0.77 region.

Looking ahead, Swiss Credit Suisse economic expectations index for June and Eurozone M3 money supply data for May are due to be released later in the day.

At 9.30 am ET, Bank of Canada Governor Stephen Poloz, European Central Bank President Mario Draghi, Bank Of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda are expected to participate in a panel discussion at the European Central Bank Forum on Central Banking, in Portugal.

In the New York session, U.S. advance goods trade balance for May, wholesale inventories for May, pending home sales data for May and U.S. crude oil inventories data are slated for release.

At 2.20 pm ET, Bank of Canada Deputy Governor Lynn Patterson is expected to speak about intelligence gathering techniques at the Chartered Financial Analyst Society of Calgary.

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