Forex News: U.S. Dollar Declines Against Majors

U.S. Dollar Declines Against Majors

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Tuesday, as investors awaited monetary policy decision from the Federal Reserve due on Wednesday.

The Fed is widely expected to leave interest rate unchanged in the range of 4.25%-4.50% when it concludes its two-day meeting on Wednesday.

Traders will scrutinize the accompanying statement for clues about the outlook for rates.

In economic news, the Commerce Department released a report showing the U.S. trade deficit spiked much more than expected in the month of March.

The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.

Economists had expected the trade deficit to widen to $129.0 billion from the $122.7 billion originally reported for the previous month.

The greenback weakened to 6-day lows of 142.35 against the yen and 1.3402 against the pound. The next possible support for the currency is seen around 140.00 against the yen and 1.36 against the pound.

The greenback fell to a 5-month low of 0.6498 against the aussie and near a 2-week low of 0.6009 against the kiwi. The currency is poised to challenge support 0.68 against the aussie and 0.63 against the kiwi.

The greenback declined to a 4-day low of 1.1370 against the euro and a 6-1/2-month low of 1.3750 against the loonie, from its early 4-day highs of 1.1279 and 1.3845, respectively. The currency may find support around 1.16 against the euro and 1.35 against the loonie.

The greenback eased against the franc and was trading at 0.8224. If the currency falls further, it is likely to find support around the 0.78 level.

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