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Forex News: U.S. Dollar Reverses From Early Highs Against Most

U.S. Dollar Reverses From Early Highs Against Most Majors

05/20/2019 - 10:22:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its most major counterparts in the European session on Monday, after strengthening in the previous session on the back of strong economic data as well as continued trade worries.

U.S.-China trade worries continued after Google suspended some of its business with Chinese tech giant Huawei.

Google has cut Huawei off from business involving the transfer of hardware, software and technical services, complying with an order by President Donald Trump blocking the sale or transfer of U.S. technology to Huawei.

The U.S. consumer sentiment hit a 15-year high in May on improving confidence over the economy's outlook, data showed Friday.

Investors await data on new and existing home sales and durable goods orders as well as the minutes of the latest Federal Reserve meeting this week for clues about the economy.

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

The greenback depreciated to a 4-day low of 1.0081 against the franc, from a high of 1.0121 hit at 2:00 am ET. If the greenback falls further, 0.99 is likely seen as its next support level.

The greenback edged lower to 109.81 against the yen, following near a 2-week high of 110.31 seen at 9:00 pm ET. The greenback is seen finding support around the 107.00 level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined less-than-estimated in March,.

Industrial production fell a seasonally adjusted 0.6 percent month-on-month in March, smaller than the 0.9 percent decrease initially estimated.

After rising to more than a 2-week high of 1.1151 against the euro at 1:30 am ET, the greenback reversed direction with the pair trading at 1.1165. The greenback is likely to test support around the 1.13 region.

The greenback hovered at a 4-day low of 1.3423 against the loonie, compared to 1.3462 hit late New York last week. Next key support for the greenback is seen around the 1.32 level.

On the flip side, the greenback rose to 1.2721 against the pound, after falling to 1.2757 at 4:00 am ET. The currency is poised to target resistance around the 1.24 mark. Data from the property website Rightmove showed that UK house prices increased marginally in May.

House prices edged up 0.1 percent from the last year, reversing a 0.1 percent drop in April. Meanwhile, asking price of a home in London declined 2.5 percent annually to GBP 621,589.

In today's events, at 12:30 pm ET, the Bank of England Deputy Governor Ben Broadbent will speak at Imperial College Business School in London.

Federal Reserve Governor Richard Clarida will deliver a speech about the Federal Reserve's policy strategy, tools, and communication practices at an event hosted by the Federal Reserve Bank of New York at 1:05 pm ET.

For comments and feedback: contact editorial@rttnews.com

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