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Forex News: U.S. Dollar Extends Yesterday's Decline

U.S. Dollar Extends Yesterday's Decline

01/13/2022 - 07:22:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major rivals in the European session on Thursday, extending a sell-off seen on Wednesday, on the back of U.S. inflation reading that failed to alter the Fed rate outlook.

Overnight data showed that a spike in consumer prices to 7 percent year-on-year in December matched forecasts.

Lael Brainard, Joe Biden's nominee for Vice Chair of the Federal Reserve, will testify before the Senate Banking Committee at 10 am ET.

In her prepared remarks for testimony, Brainard said that the monetary policy is focused on getting inflation back down to 2 percent while sustaining a broad-based recovery.

Investors await December producer price index and initial jobless claims due later today, which could back the prospects of a Fed tightening in March.

The greenback touched more than a 2-week low of 114.36 against the yen, 10-day low of 0.9116 against the franc and a 2-1/2-month low of 1.3749 against the pound, down from Wednesday's closing values of 114.64, 0.9141 and 1.3698, respectively. The greenback may locate support around 112.00 against the yen, 0.90 against the franc and 1.39 against the pound.

The greenback dipped to more than 2-month lows of 1.1478 against the euro and 1.2466 against the loonie, from yesterday's closing quotes of 1.1442 and 1.2506, respectively. Next likely support for the currency is seen around 1.16 against the euro and 1.23 against the loonie.

The greenback weakened to a 1-1/2-month low of 0.6884 against the kiwi and near a 2-month low of 0.7314 against the aussie, compared to 0.6847 and 0.7284, respectively touched at Wednesday's New York session close. The currency is likely to face support around 0.70 against the kiwi and 0.75 against the aussie.

U.S. producer price index for December and weekly jobless claims for the week ended January 8 will be published in the New York session.

Federal Reserve Governor Lael Brainard will testify on the nomination of Vice Chair of the Federal Reserve Board of Governors before the Senate Banking Committee in Washington DC at 10 am ET.

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