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Forex News: CORRECTION: U.S. Dollar Drops As Key Data In

CORRECTION: U.S. Dollar Drops As Key Data In Focus

10/28/2024 - 14:29:00 (RTTNews)

(RTTNews) - Corrects Headline and Introduction

The U.S. dollar fell against its major counterparts in the New York session on Monday, as investors focus on key U.S. economic data due later this week.

The monthly jobs report as well as a report on personal income and spending that includes the Federal Reserve's preferred inflation readings are likely to be in the spotlight.

Reports on third quarter GDP, consumer confidence, pending home sales and manufacturing sector activity may also attract some attention.

The data could impact the outlook for the economy as well as expectations regarding how quickly the Fed will lower interest rates.

Prominent U.S. companies that will report their earnings results this week include Apple, Microsoft, Alphabet, Meta, Amazon, Intel Advanced Micro Devices, McDonald's, Eli Lilly, ExxonMobil and Starbucks.

The greenback fell to 1.0827 against the euro and 0.5997 against the kiwi, from an early 4-day high of 1.0781 and a 2-1/2-month high of 0.5957, respectively. The currency is seen finding support around 1.10 against the euro and 0.62 against the kiwi.

The greenback dropped to 6-day lows of 0.8647 against the franc and 1.3001 against the pound, from an early 2-1/2-month high of 0.8700 and a 4-day high of 1.2939, respectively. The next possible support for the greenback is seen around 0.84 against the franc and 1.32 against the pound.

The greenback weakened to a 4-day low of 152.40 against the yen, reversing from an early nearly 3-month high of 153.87. The currency may challenge support around the 144.00 level.

The greenback retreated to 0.6609 against the aussie, from an early 2-1/2-month high of 0.6579. If the currency falls further, it is likely to test support around the 0.68 region.

In contrast, the greenback climbed to a 2-1/2-month high of 1.3908 against the loonie. The currency is poised to challenge resistance around the 1.42 level.

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