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Forex News: U.S. Dollar Trades Lower As Trade Talk Hopes

U.S. Dollar Trades Lower As Trade Talk Hopes Lifts Sentiment

04/15/2019 - 03:13:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its major counterparts in the Asian session on Monday, as prospect of a U.S.-China trade deal sapped the demand of safe-haven assets.

Hopes for a U.S.-China trade deal bolstered after U.S. Treasury Secretary Steven Mnuchin remarked on Saturday that he believed Washington and Beijing are getting close to the final round of concluding issues.

Mnuchin told the media on the sidelines of the spring meetings of the International Monetary Fund and World Bank that a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies.

Today's economic docket features the release of New York Fed's empire manufacturing survey for April, as well as speeches by Chicago Fed President Charles Evans at separate events.

The U.S. industrial production and housing market data are due on Tuesday, followed by retail sales data on Thursday.

Financial markets in U.S. will be closed on Friday for Good Friday. Data on U.S. building permits and housing starts will be out on the day.

The greenback dropped to 1.3103 against the pound, from a high of 1.3070 touched at 5:15 pm ET. The greenback is likely to find support around the 1.32 level.

The greenback that ended last week's trading at 1.1299 against the euro declined to 1.1314. The next possible support for the greenback is seen around the 1.14 level.

The greenback slipped to 1.0013 against the franc, reversing from a high of 1.0028 seen at 8:15 pm ET. The greenback is poised to find support around the 0.99 level.

After advancing to a session's high of 112.10 against the yen at 8:00 pm ET, the greenback retreated to 111.90. If the greenback falls further, 108.00 is possibly seen as its next support level.

The greenback weakened to an 11-day low of 0.6783 against the kiwi and held steady thereafter. The pair was valued at 0.6760 at Friday's close.

Data from BusinessNZ showed that New Zealand services sector continued to expand in March, albeit at a slower rate, with a Performance of Services Index score of 52.9.

That's down from 53.6 in February, and it marks the lowest index score since 2012.

In today's events, Federal Reserve Bank of Chicago President Charles Evans will deliver a speech in a television appearance on CNBC's Squawk Box at 8:30 am ET.

In the New York session, New York Fed's empire manufacturing survey for April and Canada existing home sales for March are slated for release.

At 1:00 pm ET, Evans will speak about the economy and monetary policy at the New York Association for Business Economics luncheon.

For comments and feedback: contact editorial@rttnews.com

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