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Forex News: Dollar Falls Ahead Of U.S. Inflation Data

Dollar Falls Ahead Of U.S. Inflation Data

08/09/2022 - 08:34:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its most major counterparts in the European session on Tuesday, as investors awaited U.S. inflation data for more clues about the pace of future rate hikes by the Federal Reserve.

The headline inflation is seen slowing to 8.7 percent year-on-year in July, down from 9.1 percent in the prior month.

The Fed is expected to deliver another 75 basis point rate hike at its upcoming meeting in September to control inflation.

Oil prices fell as the progress in talks to revive the 2015 Iran nuclear deal helped ease supply worries.

Other key economic reports due this week include the producer price index and initial jobless claims on Thursday, followed by the University of Michigan's consumer sentiment index on Friday.

The greenback was down against the euro and the franc, hitting a 4-day low of 1.0248 and a 1-week low of 0.9516, respectively. The greenback is poised to challenge support around 1.06 against the euro and 0.92 against the franc.

The greenback edged down to 1.2130 against the pound, off an early high of 1.2065. The greenback is seen finding support around the 1.26 mark.

The greenback dropped to 1.2843 against the loonie, from its previous high of 1.2874. If the currency slides further, 1.26 is likely seen as its next support level.

In contrast, the greenback rebounded to 0.6965 against the aussie and 0.6274 against the kiwi, following its early lows of 0.6994 and 0.6303, respectively. The currency is likely to locate resistance around 0.65 against the aussie and 0.60 against the kiwi.

Against the yen, the greenback rose to 135.19. On the upside, 139.00 is possibly seen as its next resistance level.

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