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Forex News: U.S. Dollar Slides Ahead Of Fed Meeting

U.S. Dollar Slides Ahead Of Fed Meeting

04/30/2019 - 07:00:00 (RTTNews)

(RTTNews) - The U.S. dollar was defensive against its major counterparts in the European session on Tuesday, as investors geared up for the Federal Reserve's meeting beginning today amid expectations that it would keep rate on hold.

The Fed funds rate is presently in a range between 2.25 percent and 2.50 percent.

Market participants keenly await the accompanying statement and Fed Chairman Jerome Powell's subsequent press conference for policy outlook.

In its last meeting in March, the Fed said it would adopt a more patient approach on monetary policy and projected no hike through this year.

Today's U.S. economic calendar includes data on pending home sales and consumer confidence, due at 10:00 am ET.

China factory activity expanded for a second straight month in April but at a much slower pace, rekindling investor concerns over slowing global growth.

The official Purchasing Managers' Index for manufacturing unexpectedly fell to 50.1 in April from 50.5 in March, while the Caixin-Markit China PMI slipped to 50.2 against the 50.8 reading in the previous month. Growth in China's services sector also slowed in the month, an official survey showed.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the franc and the euro, it dropped against the yen and the pound.

The greenback slipped to near a 3-week low of 111.27 against the yen, from a high of 111.68 hit at 5:00 pm ET. The next possible support for the greenback is seen around the 109.00 level

The greenback touched a 6-day low of 1.0174 against the franc, after rising to 1.0199 at 2:00 am ET. The greenback is poised to find support around the 1.00 level.

Having climbed to 1.1176 against the euro at 2:00 am ET, the greenback reversed direction and slid to a 6-day low of 1.1216. The greenback is likely to find support around the 1.13 region, should it falls again.

Preliminary data from the statistical office Eurostat showed that Eurozone's unemployment rate dropped in March to its lowest level in more than a decade.

The jobless rate fell to 7.7 percent from 7.8 percent seen in each of the previous two months. Economists had expected the rate to remain steady in March.

The greenback fell to a weekly low of 1.2997 against the pound, reversing from a high of 1.2924 seen at 5:00 pm ET. The greenback is seen finding support around the 1.32 level.

The greenback weakened to a session's low of 1.3440 against the loonie, following a 4-day high of 1.3480 set at 2:30 am ET. Next key support for the greenback may be located around the 1.32 region.

The greenback retreated to 0.7059 against the aussie, from a 4-day high of 0.7034 hit at 9:45 pm ET. This may be compared to a 6-day low of 0.7069 recorded earlier in the Asian session. On the downside, 0.725 is possibly seen as the next support for the greenback.

The greenback fell back to 0.6679 against the kiwi, short of few pips from a 4-day low of 0.6682 seen at 8:45 pm ET. Further downtrend may take the greenback to a support around the 0.68 level.

Looking ahead, at 8:00 am ET, German flash inflation for April will be out.

In the New York session, Canada GDP data for February and industrial product price index for March, as well as U.S. S&P/Case-Shiller home price index for February, pending home sales for March and consumer confidence index for April are due to be released.

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