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Forex News: U.S. Dollar Slides Against Majors

U.S. Dollar Slides Against Majors

08/08/2018 - 03:48:00 (RTTNews)

(RTTNews) - The U.S. dollar dropped against its major counterparts in the Asian session on Wednesday amid rising risk appetite, as most Asian shares rose on expectations of increased Chinese government spending on infrastructure.

Reports that Beijing would ramp up infrastructure spending to stimulate the economy aided sentiment.

Further underpinning sentiment was upbeat China trade data, which showed a 27 percent rise in imports.

With today's U.S. economic calendar being light, investors await weekly jobless claims, wholesale trade, producer and consumer price indexes later this week for more direction.

The greenback dropped to 1.2960 against the pound and 0.9938 against the franc, from its early highs of 1.2934 and 0.9961, respectively. On the downside, 1.32 and 0.97 are possibly seen as the next support levels for the greenback against the pound and the franc, respectively.

The greenback fell to a 6-day low of 1.1628 against the euro, after rising to 1.1594 at 5:45 pm ET. If the greenback falls further, 1.18 is likely seen as its next support level.

Pulling away from a high of 111.44 hit at 8:45 pm ET, the greenback reversed direction and edged down to 111.11 against the yen. The greenback is likely to challenge support around the 110.00 level.

Survey figures from the Cabinet Office showed that a measure of peoples' assessment of the Japanese economy weakened more-than-expected in July to the lowest level in nearly two years.

The current index of Economy Watchers' survey dropped to 46.6 in July from 48.1 in June. The index was forecast to fall to 47.8.

The greenback weakened to a 5-day low of 0.6763 against the kiwi, from a high of 0.6731 hit at 11:00 pm ET. The next likely support for the greenback is seen around the 142.00 level.

Looking ahead, Canada building permits for June are scheduled for release in the New York session.

At 8:45 am ET, Richmond Fed President Thomas Barkin speaks at a town hall event in Virginia.

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