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Forex News: U.S. Dollar Weakens As Harvey Worries Linger

U.S. Dollar Weakens As Harvey Worries Linger

08/29/2017 - 08:59:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its key counterparts in the European session on Tuesday, as investors assessed the fallout from Hurricane Harvey and its economic impact in the country's economy.

Harvey continued to batter southeastern Texas, killing about nine people and leaving thousands of people homeless.

The National Weather Service has warned that heavy rainfall is expected to worsen the "catastrophic and life-threatening" flooding situation in southeast Texas and southwest Louisiana.

The U.S. President Donald Trump plans to travel to Texas today to assist the relief efforts.

U.S. treasury yields declined, with the benchmark yield on 10-year note falling 2.11 percent, while that of the 2-year equivalent was down by 1.31 percent. Yields move inversely to bond prices.

Risk-off mood prevailed as North Korea launched a ballistic missile over Japan, reigniting geopolitical worries.

Japanese Prime Minister Shinzo Abe described the missile launch as "an unprecedented, serious and grave threat" to Asia's second-largest economy, adding that he and U.S. President Donald Trump are in complete agreement to hike pressure on North Korea.

The currency showed mixed performance in the Asian session. While it held steady against the euro and the franc, it fell against the yen and the pound.

The greenback dropped to 0.9429 against the Swiss franc, its lowest since August 24, 2015. Continuation of the greenback's downtrend may see it challenging support around the 0.93 region.

The greenback weakened to more than a 4-month low of 108.27 against the Japanese yen, from a high of 109.25 hit at 5:00 pm ET. The greenback is seen finding support around the 106.00 region.

Data from the Ministry of Internal Affairs and Communications showed that Japan's jobless rate came in at a seasonally adjusted 2.8 percent in July - in line with expectations and unchanged from the June reading.

The number of employed persons in July was 65.63 million, an increase of 590,000 or 0.9 percent on year.

The greenback slipped to 1.2070 against the euro, a level unseen since January 2015. The greenback is poised to find 1.23 as the next support level.

Survey data from the market research group GfK showed that German consumer confidence is set to strengthen in September.

The forward-looking consumer sentiment index rose to 10.9 in September from 10.8 in August. The score was forecast to remain unchanged at 10.8.

The greenback that closed Monday's deals at 1.2931 against the pound fell to more than a 2-week low of 1.2979. Further weakness may take the greenback to a support around the 1.32 area.

Data from Nationwide Building Society showed that UK house prices increased at a slower pace in August.

House prices increased 2.1 percent year-on-year in August, slower than the 2.9 percent growth seen in July. This was also weaker than the expected growth of 2.5 percent.

The greenback dipped to a weekly low of 0.7299 against the kiwi, more than 4-week low of 1.2443 against the loonie and near a 4-week low of 0.7983 against the aussie, off its early 2-day highs of 0.7218, 1.2534 and 0.7906, respectively. Continuation of the greenback's downtrend may see it challenging support around 0.735 against the kiwi, 1.23 against the loonie and 0.81 against the aussie.

The U.S. S&P/Case-Shiller home price index for June and U.S. consumer confidence index for August are due shortly.

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