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Forex News: U.S. Dollar Trades Lower As Hurricane Harvey Devastates

U.S. Dollar Trades Lower As Hurricane Harvey Devastates Texas

08/28/2017 - 10:19:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its most major counterparts in the European session on Monday, as Hurricane Harvey battered the parts of Texas, causing catastrophic flooding and killing five people in the Houston area.

Tropical Storm Harvey that hit Texas as a terrifying category 4 hurricane on Friday has caused heavy flooding in Houston.

The National Weather Service warned that rainfall may exceed a record-breaking 50 inches in areas around Houston.

The National Hurricane Center warned that storm was moving east to Louisiana at a speed of 3mph.

At least five deaths and more than a dozen injuries have been reported in the aftermath of Harvey.

With today's economic calendar being light, traders look ahead to the release of reports on consumer confidence, personal income and spending, pending home sales, manufacturing activity and monthly jobs report in the coming days.

The greenback declined to near a 5-week low of 0.9527 against the Swiss franc and held steady thereafter. The greenback-franc pair is likely to find support around the 0.94 region.

The greenback fell to 1.2442 against the loonie, a level unseen since July 31. Continuation of the greenback's downtrend may see it challenging support around the 1.21 area.

The greenback eased to 0.7952 against the aussie, from a a high of 0.7921 hit at the beginning of today's trading. The greenback is poised to find support around the 0.81 level.

The greenback held steady against the kiwi, following a decline to 0.7256 in the Asian session. The pair finished last week's deals at 0.7240.

The greenback resumed its early decline against the pound, dropping to near a 2-week low of 1.2927. On the downside, 1.31 is possibly seen as the next support level for the greenback.

After falling to more than a 2-1/2-year low of 1.1960 against the euro in Asian deals, the greenback held steady in the subsequent part of the session. The pair was valued at 1.1920 when it closed Friday's trading.

Data from the European Central Bank showed that Eurozone monetary aggregate rose at a slower pace in July

The M3 broad monetary aggregate climbed 4.5 percent annually, weaker than the 5.0 percent growth logged in June.

On the flip side, the greenback climbed to 109.41 against the yen, from a 4-day low of 109.03 hit at 12:30 am ET. If the greenback-yen pair extends rise, 110.00 is possibly seen as its next resistance level.

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