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Forex News: Dollar Drops Against Majors; Fed Speeches In Focus

Dollar Drops Against Majors; Fed Speeches In Focus

09/21/2020 - 03:58:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major opponents in the Asian session on Monday, as investors await a slew of Fed speeches including Chairman Jerome Powell for clues on monetary policy.

Powell and Treasury Secretary Steven Mnuchin will speak before the House Financial Services Committee on the CARES Act on Tuesday.

Powell is likely to be quizzed on the forward guidance for interest rates, which suggests that rates would remain lower for longer.

Speeches by Fed members Lael Brainard, Charles Evans, Raphael Bostic, James Bullard, Mary Daly and John Williams are also scheduled this week.

Key economic data include existing home sales on Tuesday and home prices on Wednesday. The attention will then shift to new home sales on Thursday and durable goods orders on Friday.

Asian stock markets are mostly lower following the decline on Wall Street on Friday, reflecting continued weakness among technology stocks and the lack of progress on a U.S. stimulus package. Worries about the global economic recovery and the surge in coronavirus cases across Europe also weighed on the markets.

The greenback dropped to 1.2967 against the pound, after rising to a session's high of 1.2913 at 5:00 pm ET. The greenback may find support around the 1.31 level.

The greenback was trading lower against the franc, at 0.9095. This followed a 4-day high of 0.9115 logged at 8:00 pm ET. The next possible support for the greenback is seen around the 0.88 level.

The greenback declined to a 5-day low of 1.1872 against the euro from Friday's closing value of 1.1837. The greenback is poised to find support around the 1.20 level.

The U.S. currency retreated to 1.3171 against the loonie and 0.7324 against the aussie, from its prior 4-day highs of 1.3209 and 0.7283, respectively. The greenback is seen finding support around 1.29 against the loonie and 0.75 against the aussie.

The greenback edged down to 0.6778 against the kiwi and held steady thereafter. If the greenback falls further, 0.70 is possibly seen as its next support level.

The greenback depreciated to 104.07 against the yen, its lowest level since March 9. On the downside, 100 is possibly seen as its next support level.

Looking ahead, Canada new housing price index for August will be featured in the New York session.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will speak about rule-making for the Community Reinvestment Act, via satellite.

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