Forex News: Dovish Fed Comments, Weak Job Openings Data Send

Dovish Fed Comments, Weak Job Openings Data Send U.S. Dollar Down

09/04/2024 - 14:12:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Wednesday, as job openings came in below expectations in July, raising the possibility of a larger interest rate cut by the U.S. Federal Reserve at the meeting this month.

Data from the Labor Department showed that job openings decreased to 7.67 million in July from a downwardly revised 7.91 million in June.

Economists had expected job openings to dip to 8.10 million from the 8.18 million originally reported for the previous month.

Dovish remarks from Atlanta Fed President Raphael Bostic also weighed on the dollar.

Bostic said that the Fed must not maintain a restrictive policy stance for too long, intensifying speculation that the central bank may pivot towards easy policy soon.

"I believe we cannot wait until inflation has actually fallen all the way to 2 percent to begin removing restriction because that would risk labor market disruptions that could inflict unnecessary pain and suffering," he added.

The greenback declined to 5-day lows of 1.1095 against the euro, 1.3175 against the pound and 0.8471 against the franc, off its early highs of 1.1036, 1.3100 and 0.8518, respectively. The currency is likely to challenge support around 1.12 against the euro, 1.33 against the pound and 0.83 against the franc.

The greenback touched 143.99 against the yen, setting a 1-week low. Immediate support for the currency is seen around the 141.00 level.

The greenback retreated to 0.6749 against the aussie, 1.3500 against the loonie and 0.6216 against the kiwi, from an early more than 2-week high of 0.6685 and nearly 2-week highs of 1.3565 and 0.6169, respectively. The currency is seen finding support around 0.69 against the aussie, 1.32 against the loonie and 0.63 against the kiwi.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES

U.S. Dollar Slides Amid Fed Rate Cut Speculation (01 hr(s), 40 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday ...Full Story»

U.S. Dollar Slides Against Majors (02 hr(s), 19 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday ...Full Story»

Canadian Dollar Falls Against U.S. Dollar (28 min(s), 19 sec(s) ago)
(RTTNews) - The Canadian dollar weakened against the U.S. dollar in the New York session on Friday ...Full Story»

U.S. Dollar Extends Decline Against Majors (49 min(s), 19 sec(s) ago)
(RTTNews) - The U.S. dollar extended decline against its major counterparts in the New York sessio ...Full Story»

U.S. Dollar Weakens, Yen Rises Amid Fed Rate Cut Expectation (02 hr(s), 19 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. dollar weakened against its major counterparts in the Asian session on Friday ...Full Story»

U.S. Dollar Falls Against Majors (03 hr(s), 01 min(s), 42 sec(s) ago)
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session Friday. ...Full Story»

Yen Rises Against Majors (03 hr(s), 37 min(s), 42 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on F ...Full Story»

Canadian Dollar Weakens Against Majors (52 min(s), 18 sec(s) ago)
(RTTNews) - The Canadian dollar dropped against its major counterparts in the New York session on ...Full Story»

Forex News: Dovish Fed Comments, Weak Job Openings Data Send

Dovish Fed Comments, Weak Job Openings Data Send U.S. Dollar Down

RECENT FOREX and ECONOMIC NEWS STORIES

FOREX NEWS

U.S. Dollar Slides Amid Fed Rate Cut Speculation

U.S. Dollar Slides Against Majors

Canadian Dollar Falls Against U.S. Dollar

U.S. Dollar Extends Decline Against Majors

U.S. Dollar Weakens, Yen Rises Amid Fed Rate Cut Expectation