Forex News: U.S. Dollar Drops After Fed Waller's Comments

U.S. Dollar Drops After Fed Waller's Comments

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Thursday, following dovish comments from Federal Reserve Governor Christopher Waller.

In an interview with CNBC, Waller said that inflation is getting closer to the target and three or four cuts are likely this year.

"If we continue getting numbers like this, it is reasonable to think rate cuts could happen in the first half of the year," he said.

Waller added that a reduction in March cannot be ruled out, suggesting that more cuts could happen if inflation continues to ease.

Further, Waller noted that incoming President Trump's potential tariffs may not influence inflation outlook.

The greenback retreated to 1.0314 against the euro and 0.6228 against the aussie, off its early highs of 1.0259 and 0.6191, respectively. The greenback is likely to face support around 1.05 against the euro and 0.65 against the aussie.

The greenback weakened to 1.2259 against the pound and 0.9100 against the franc, from its early highs of 1.2174 and 0.9136, respectively. The greenback is poised to challenge support around 1.24 against the pound and 0.89 against the franc.

The greenback fell to a 4-week low of 155.09 against the yen. The greenback is seen finding support around the 149.00 level.

The greenback retreated to 0.5623 against the kiwi, from an early 2-day high of 0.5582. The next possible support for the currency is seen around the 0.59 level.

In contrast, the greenback touched a 2-day high of 1.4401 against the loonie. If the currency rises further, it is likely to find resistance around the 1.47 region.

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