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Forex News: U.S. Dollar Lower On Shutdown Fears, Political Woes

U.S. Dollar Lower On Shutdown Fears, Political Woes

12/24/2018 - 00:47:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its most major counterparts in the Asian session on Monday as investors fretted about the impact of a partial U.S. government shutdown and slowing global economic growth. News that U.S. President Donald Trump privately discussed firing Federal Reserve Chairman Jerome Powell also weighed on investor sentiment.

The Bloomberg reported that U.S. President Donald Trump explored the likelihood of firing Powell following the latest rate hike and yields on U.S government debt have started to signal a possible recession.

However, Mnuchin tweeted over the weekend, saying that Trump does not think he has the authority to remove Federal Reserve Chairman Jerome Powell.

The U.S. government shutdown took effect from Friday amid impasse over funding a wall on the U.S. border with Mexico.

A budget deal to end the shutdown appeared to be delayed as the U.S. Senate is not scheduled to meet again until Thursday to take up the matter.

No major economic data is due today, ahead of the Christmas break.

The greenback declined to 1.1393 against the euro, from a high of 1.1360 hit at 5:25 pm ET. The next possible support for the greenback is seen around the 1.16 level.

Reversing from an early high of 1.2637 against the pound, the greenback edged down to 1.2680. If the greenback falls further, it may find support around the 1.28 level.

The greenback fell to 0.9931 against the franc and held steady thereafter. At Friday's close, the pair was worth 0.9951.

The greenback dropped to 1.3567 against the loonie, 0.7067 against the aussie and 0.6744 against the kiwi, from its early highs of 1.3599, 0.7033 and 0.6713,respectively. The greenback is likely to find support around 1.32 against the loonie, 0.725 against the aussie and 0.685 against the kiwi.

On the flip side, the greenback rebounded from an early session's low of 110.93 against the yen and held steady thereafter. The pair closed last week's trading at 111.20.

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