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Forex News: U.S. Dollar Slides On Weak Economic Data

U.S. Dollar Slides On Weak Economic Data

12/28/2017 - 05:06:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts during early European deals on Thursday, as an overnight data showed that U.S. consumer confidence dropped in December driven by a less optimistic outlook about near-term conditions.

Data from the Conference Board showed that the consumer confidence index slumped to 122.1 in December from a downwardly revised 128.6 in November.

Economists had expected the consumer confidence index to edge down to 128.0.

Investors await initial jobless claims for the week ended December 23, preliminary readings on U.S. wholesale and retail inventories as well as the goods trade balance for the month of November later in the day for more direction.

Markets digested the impact of the Republican's tax plan, which would add to federal budget deficit.

The currency has been trading in a negative territory in the Asian session.

The greenback hit more than a 4-week low of 1.1947 against the euro and more than a 3-week low of 0.9798 against the franc, from its early highs of 1.1886 and 0.9863, respectively. The greenback is seen finding support around 1.21 versus the euro and 0.96 against the franc.

Reversing from early highs of 113.34 against the yen and 1.3395 against the pound, the greenback dropped to a 9-day low of 112.66 and a 2-week low of 1.3454, respectively. Continuation of the greenback's downtrend may see it challenging support around 111.00 against the yen and 1.36 against the pound.

The greenback weakened to a 2-1/2-month low of 0.7099 against the kiwi, more than 2-month lows of 1.2606 against the loonie and 0.7808 against the aussie, reversing from its prior highs of 0.7054, 1.2661 and 0.7765, respectively. The next possible support for the greenback is seen around 0.72 against the kiwi, 1.25 against the loonie and 0.79 against the aussie, respectively.

Looking ahead, U.S. weekly jobless claims for the week ended December 23, wholesale inventories for November and Chicago PMI for December are set for release in the New York session.

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