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Forex News: U.S. Dollar Broadly Lower As Rate Cut Bets

U.S. Dollar Broadly Lower As Rate Cut Bets Firm

06/19/2024 - 12:59:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its most major counterparts in the New York session on Wednesday, as Tuesday's soft retail sales data boosted expectations for a rate cut in September.

U.S. retail sales missed forecasts in May and increased expectations of a rate cut in September to 67 percent.

Investors await weekly jobless claims data due on Thursday and flash PMI data scheduled on Friday to help determine the Fed's monetary policy stance.

U.S. markets are closed in observance of Juneteenth holiday.

Data from the National Association of Home Builders unexpectedly showed a continued deterioration in U.S. homebuilder confidence in the month of June.

The NAHB/Wells Fargo Housing Market Index fell to 43 in June after slumping to 45 in May, while economists had expected the index to come in unchanged.

The greenback reached as low as 1.0753 against the euro. The greenback is likely to face support around the 1.10 region, if it falls again.

The greenback eased to 0.8836 against the franc, down from an early high of 0.8854. On the downside, 0.87 is likely seen as its next support level.

The greenback fell to a 5-day low of 1.2739 against the pound and held steady thereafter. The greenback is poised to challenge support around the 1.31 level.

The greenback touched 1.3698 against the loonie and 0.6677 against the aussie, setting 1-week lows. The currency is seen finding support around 1.34 against the loonie and 0.69 against the aussie.

Meanwhile, the greenback was higher against the yen and the kiwi and was trading at 157.91 and 0.6134, respectively. Next key resistance for the currency is seen around 159.00 against the yen and 0.60 against the kiwi.

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