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Forex News: U.S. Dollar Weakens Ahead Of Fed Decision

U.S. Dollar Weakens Ahead Of Fed Decision

01/30/2018 - 08:41:00 (RTTNews)

(RTTNews) - The U.S. dollar erased its advance and dropped against its major counterparts in the European session on Tuesday, as investors look forward to the Federal Reserve's two-day policy meeting beginning today amid expectations to leave interest rate unchanged.

Economists widely expect the benchmark rate to remain unchanged at a range between 1.25-1.50 percent.

The meeting is the last under the leadership of Fed Chair Janet Yellen as Powell takes over the helm in February.

Investors await the Fed policy statement for hints about the central bank's views to interest rate hikes in the months to follow.

The S&P/Case-Shiller home price index for November will be released at 9:00 am ET, while the Conference Board's consumer confidence index for January is due at 10:00 am ET.

President Donald Trump's State of the Union Address is scheduled for tomorrow, at which he is expected to tout his "record-setting" accomplishments and lay plans for new measures in this year.

The currency was higher against its major rivals in the Asian session, with the exception of the yen.

The greenback hit a 5-day low of 0.9313 versus the franc, after having advanced to a 4-day high of 0.9393 at 9:45 pm ET. The greenback is seen finding support around the 0.92 level.

The greenback dropped to 0.7349 against the kiwi, 0.8112 against the aussie and 1.2310 against the loonie, from its early 8-day high of 0.7279 and 4-day highs of 0.8043 and 1.2379, respectively. On the downside, 0.75, 0.83 and 1.21 are possibly seen as the next support levels for the greenback against the kiwi, the aussie and the loonie, respectively.

The greenback slipped to a 4-day low of 1.2441 versus the euro, reversing from an early high of 1.2337. If the greenback declines further, it may target support around the 1.26 area.

Preliminary flash estimate from Eurostat showed that the euro area economy grew at a slightly slower pace in the fourth quarter.

Gross domestic product expanded by seasonally adjusted 0.6 percent sequentially in the fourth quarter, following 0.7 percent increase seen in the third quarter. The rate came in line with expectations.

The greenback edged down to 108.53 versus the yen and 1.4137 against the pound, from its early session's high of 109.20 and a weekly high of 1.3980, respectively. The next possible support for the greenback is seen around 106.00 versus the yen and 1.42 against the pound.

S&P/Case-Shiller home price index for November and U.S. consumer confidence for January will be out shortly.

The Bank of England Governor Mark Carney testifies before the House of Lords Economic Affairs Committee, in London, at 10:30 am ET.

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