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Forex News: U.S. Dollar Weakens Ahead Of Key Risk Events

U.S. Dollar Weakens Ahead Of Key Risk Events

06/06/2017 - 03:19:00 (RTTNews)

(RTTNews) - The U.S. dollar slipped against its major rivals in the Asian session on Tuesday, with investors adopting a cautious stance ahead of U.K. general elections, the European Central Bank meeting and a testimony by former FBI Director James Comey in the United States - all scheduled for Thursday.

Comey is set to testify before the Senate Intelligence Committee on Russia investigation. He is likely to be grilled by the Committee about the conversations with the U.S. President Donald Trump related to the ongoing investigation into Russian interference in the 2016 election.

Investors also keep an eye on the Federal Reserve's FOMC meeting next week, with most economists expecting a 25 bps rate hike.

U.S. factory orders fell for the first time in five months in April, whereas services sector activity slowed in May, separate reports showed on Monday. Recent downbeat data suggested that the Fed is likely to adopt a more cautious stance for rate hikes beyond June.

According to the latest Survation poll conducted on Friday and Saturday, British Prime Minister Theresa May's lead over the opposition Labour Party has shrunk from 17 to just 1 percentage point.

The ECB is widely forecast to keep monetary policy unchanged, although investors expect it to tweak its guidance to keep up with the eurozone's broad-based and resilient economic recovery.

The greenback showed mixed performance on Monday. While the currency rose against the franc and the euro, it held steady against the Japanese yen. Against the pound, the greenback weakened.

The greenback slipped to 109.60 against the Japanese yen, its lowest since April 25. Continuation of the greenback's downtrend may see it challenging support around the 108.00 region.

The greenback remained lower against the Swiss franc with the pair trading at 0.9635. At Monday's close, the pair was valued at 0.9653. On the downside, the greenback is likely to locate 0.95 as the next support level.

The greenback that closed Monday's trading at 1.1254 against the euro dropped to 1.1278. The greenback is poised to locate support around the 1.14 mark.

The greenback slipped to near a 2-week low of 1.2950 against the pound, compared to 1.2901 hit late New York Monday. The greenback is seen challenging support around the 1.32 level.

The Report on Jobs compiled by the Recruitment and Employment Confederation and IHS Markit showed that U.K. permanent job placements grew at the fastest pace in just over two years in April.

The number of people placed in permanent jobs increased notably in May and the rate of expansion was the fastest for 25 months.

The greenback dropped to a 6-day low of 1.3443 against the loonie, while reaching over a 3-month low of 0.7175 against the kiwi. Further weakness may take the greenback to support levels of around 1.32 against the loonie and 0.73 against the kiwi.

Looking ahead, Eurozone Sentix investor sentiment index for June and retail sales for April are due in the European session.

At 10:00 am ET, Canada Ivey PMI for May is set for release.

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