Forex News: U.S. Dollar Declines Amid Rate Cut Hopes

U.S. Dollar Declines Amid Rate Cut Hopes

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Monday, amid growing expectations of future rate cuts from the Federal Reserve.

Fed Chair Jerome Powell is scheduled to speak on Tuesday and investors closely monitor his remarks for clues on the monetary policy outlook.

The Fed's preferred measure of inflation, the PCE price index, is scheduled for release on Friday.

The dollar index fell 0.3 percent to 97.32.

The greenback fell to 1.3520 against the pound, 0.7722 against the franc and 147.65 against the yen, from an early more than 2-week high of 1.3453, 1-week high of 0.7973 and a 2-week high of 148.37, respectively. The next possible support for the currency is seen around 1.40 against the pound, 0.76 against the franc and 142.00 against the yen.

The greenback dropped to 0.6602 against the aussie and 0.5871 against the kiwi, from an early 2-week high of 0.6574 and more than a 2-week high of 0.5842, respectively. The currency may find support around 0.68 against the aussie and 0.61 against the kiwi.

The greenback declined to a 4-day low of 1.1803 against the euro, from an early 1-week high of 1.1726. If currency falls further, it is likely to find support around the 1.20 level.

In contrast, the greenback climbed to a 1-week high of 1.3832 against the loonie. If currency rises further, it is likely to find resistance around the 1.40 level.

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