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Forex News: U.S. Dollar Slides As Yuan Stabilization Improves Sentiment

U.S. Dollar Slides As Yuan Stabilization Improves Sentiment

08/08/2019 - 07:10:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in early European deals on Thursday, as investor sentiment lifted up after China limited the decline of the yuan, while expectations for additional Fed rate cuts rose following comments from Chicago Fed President Charles Evans.

Stronger-than-expected reference rate for the yuan lessened fears about the U.S-China trade war. The exchange rate also steadied following Monday's decline that rattled financial markets.

Solid trade data from China also lifted sentiment.

Official data showed that China's exports rose 3.3 percent year-over-year in July, defying expectations for a fall of 1 percent. Imports fell 5.6 percent, while economists had predicted a decline of 9.0 percent.

Consequently, trade surplus rose to $45.06 billion versus forecasts for $42.65 billion.

Evans remarked on Wednesday that "more policy accommodation" was needed to support inflation and stem risks to economic growth from trade tensions.

Investors are pricing in three additional rate cuts by the Federal Reserve by the year end to avoid a recession.

The greenback was trading at 106.11 against the yen, after having retreated from a high of 106.30 hit at 9:15 pm ET. If the greenback falls further, 101.00 is likely seen as its next support level.

The greenback edged down to 0.9738 against the franc and held steady thereafter. On the downside, 0.96 is possibly seen as the next support level for the greenback.

The greenback fell to 1.1228 against the euro from a high of 1.1197 hit at 5:00 pm ET. The currency is likely to face support around the 1.14 level.

The greenback reached as low as 1.2182 against the pound, down from Wednesday's closing value of 1.2140. The greenback is poised to find support around the 1.27 region.

The greenback depreciated to a 2-day low of 0.6790 against the aussie from yesterday's closing value of 0.6756. The greenback is seen finding support around the 0.70 level.

The greenback held steady against the kiwi, after dropping to 0.6469 in the Asian session. The pair was valued at 0.6445 at yesterday's close.

On the flip side, the greenback ticked up to 1.3301 against the loonie, from a low of 1.3272 seen at 9:30 pm ET. The next possible resistance for the greenback is seen around the 1.35 level.

Looking ahead, Canada new housing price index for June, U.S. weekly jobless claims for the week ended August 3 and wholesale inventories for June will be out in the New York session.

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