Forex News: U.S. Dollar Drops On Russia-Ukraine Peace Hopes

U.S. Dollar Drops On Russia-Ukraine Peace Hopes

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Thursday, amid optimism about ending the Russia-Ukraine war.

U.S. President Donald Trump said he had a "lengthy and highly productive phone call" with Russian President Vladimir Putin and called Ukraine's NATO membership not "practical," raising expectations for an end to the war in Ukraine.

The White House confirmed that Trump will announce reciprocal tariffs today. The plan aims at countries that charge duties on U.S. imports.

In economic news, data from the Labor Department showed that U.S. producer prices increased slightly more than anticipated in the month of January.

The producer price index rose by 0.4 percent in January after climbing by an upwardly revised 0.5 percent in December.

Economists had expected producer prices to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

The greenback fell to a 2-week low of 1.0445 against the euro, 8-day low of 1.2540 against the pound and a 1-week low of 0.9040 against the franc, off its early highs of 1.0374, 1.2436 and 0.9140, respectively. The greenback may face support around 1.05 against the euro, 1.26 against the pound and 0.88 against the franc.

The greenback declined to a 2-month low of 1.4211 against the loonie. The greenback is likely to face support around the 1.38 level.

The greenback retreated to 152.91 against the yen, 0.6303 against the aussie and 0.5658 against the kiwi, from its early highs of 154.66, 0.6254 and 0.5623, respectively. The greenback is poised to challenge support around 144.00 against the yen, 0.65 against the aussie and 0.59 against the kiwi.

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