FOREX TradingCharts.com

Forex News: U.S. Dollar Drops As Stocks Advance

U.S. Dollar Drops As Stocks Advance

05/24/2024 - 13:10:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Friday, as U.S. stocks edged higher after falling in the previous session.

Federal Reserve Governor Christopher Waller said that there has been a lot of debate among policymakers regarding the possible recent increase in the real policy interest rate, which is neither stimulating nor restricting economic activity.

Waller added that the factors drove down the real policy interest rate over the past 40 years may change.

Robust U.S. economic data and hawkish comments from Atlanta Fed President Raphael Bostic on Thursday bolstered prospects of interest rates staying higher for longer.

On the economic front, data from the Commerce Department showed that U.S. durable goods orders unexpectedly increased in the month of April, although the growth came following a significantly downwardly revised jump in March.

The report said durable goods orders climbed by 0.7 percent in April following a downwardly revised 0.8 percent advance in March.

Economist had expected durable goods orders to decrease by 0.8 percent compared to the 2.6 percent surge originally reported for the previous month.

The greenback eased to 1.0856 against the euro and 0.9135 against the franc, from an early high of 1.0805 and a 2-day high of 0.9158, respectively. The greenback is seen finding support around 1.10 against the euro and 0.89 against the franc.

The greenback pulled back against the yen and was trading at 156.83. On the downside, 147.00 is likely seen as its next support level.

The greenback dropped to a 2-day low of 1.2750 against the pound, down from an early 1-week high of 1.2674. If the currency falls further, it is likely to test support around the 1.29 region.

The greenback weakened to 1.3658 against the loonie, 0.6634 against the aussie and 0.6123 against the kiwi, reversing from an early high of 1.3738, 10-day high of 0.6592 and a 2-day high of 0.6087, respectively. The currency may locate support around 1.33 against the loonie, 0.68 against the aussie and 0.63 against the kiwi.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Rebounds As Fed Signals Only One Rate Cut This Year (11 min(s), 21 sec(s) ago)
(RTTNews) - The U.S. dollar recovered against its major counterparts in the New York session on We ...Full Story»

Commodity Currencies Rise, Focus On U.S. CPI Data, Fed Meeting (17 min(s), 21 sec(s) ago)
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars s ...Full Story»

Canadian Dollar Advances Against Most Majors (56 min(s), 21 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against most major currencies against most major curr ...Full Story»

NZ Dollar Advances Against Most Majors (35 min(s), 22 sec(s) ago)
(RTTNews) - The New Zealand dollar strengthened most major currencies in the Asian session on Wedn ...Full Story»

Australian Dollar Rises Against Majors (23 min(s), 22 sec(s) ago)
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session ...Full Story»

Euro Declines On Political Uncertainty (29 min(s), 21 sec(s) ago)
(RTTNews) - The euro weakened on Tuesday, as the far-right National Rally party's success in t ...Full Story»

Yen Falls Against Majors (35 min(s), 22 sec(s) ago)
(RTTNews) - The Japanese yen weakened against other major currencies in the European session on Tu ...Full Story»

Pound Rises Against Majors (59 min(s), 21 sec(s) ago)
(RTTNews) - The British pound strengthened against most major currencies in the Asian session on T ...Full Story»

Search

FOREX NEWS

U.S. Dollar Rebounds As Fed Signals Only One Rate Cut This Year

06/12/2024 - 16:08 PM (RTTNews)
(RTTNews) - The U.S. dollar recovered against its major counterparts in the New York session on We ...Full Story>>

Commodity Currencies Rise, Focus On U.S. CPI Data, Fed Meeting

06/12/2024 - 05:13 AM (RTTNews)
(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars s ...Full Story>>

Canadian Dollar Advances Against Most Majors

06/12/2024 - 03:52 AM (RTTNews)
(RTTNews) - The Canadian dollar strengthened against most major currencies against most major curr ...Full Story>>

NZ Dollar Advances Against Most Majors

06/12/2024 - 03:31 AM (RTTNews)
(RTTNews) - The New Zealand dollar strengthened most major currencies in the Asian session on Wedn ...Full Story>>

Australian Dollar Rises Against Majors

06/12/2024 - 03:19 AM (RTTNews)
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.