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Forex News: U.S. Dollar Drops On Improved Risk Sentiment

U.S. Dollar Drops On Improved Risk Sentiment

04/08/2021 - 03:50:00 (RTTNews)

(RTTNews) - The U.S. dollar depreciated against its major trading partners in the Asian session on Thursday, as risk sentiment improved after the Fed reiterated commitment to maintain its ultra-loose monetary policy until there was substantial progress in attaining its employment and inflation goals.

Fed officials acknowledged the improvement in the medium-term outlook for real GDP growth and employment but expressed caution about ongoing risks of the pandemic to the economic outlook.

"Participants noted that it would likely be some time until substantial further progress toward the Committee's maximum-employment and price-stability goals would be realized and that, consistent with the Committee's outcome-based guidance, asset purchases would continue at least at the current pace until then," the minutes showed.

The Biden administration released more details about the tax plan, which raises the federal corporate income tax rate to 28 percent from 21 percent.

Traders await a speech from the Fed Chair Jerome Powell at a virtual IMF seminar, where he outlines his views on global recovery and the monetary policy outlook.

The greenback weakened to 1.3783 against the pound and 0.9283 against the franc, after gaining to 1.3725 and 0.9302, respectively in early deals. The greenback may locate support around 1.41 against the pound and 0.90 against the franc.

The greenback reached as low as 1.1893 against the euro, compared to Wednesday's close of 1.1862. If the greenback slides further, 1.21 is likely seen as its next support level.

The greenback slipped to a 10-day low of 109.49 against the yen from Wednesday's close of 109.84. The greenback is seen finding support around the 108.00 region.

The U.S. currency edged down to 1.2589 against the loonie, 0.7648 against the aussie and 0.7044 against the kiwi, off its prior highs of 1.2627, 0.7603 and 0.7004, respectively. The next possible support for the greenback is seen around 1.22 against the loonie, 0.78 against the aussie and 0.72 against the kiwi.

Looking ahead, U.K. construction PMI for March and Eurozone PPI for February are due out in the European session.

At 7:30 am ET, the European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on March 10-11.

The U.S. weekly jobless claims for the week ended April 3 are due at 8:30 am ET.

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