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Forex News: U.S. Dollar Falls As Asian Shares Traded Higher

U.S. Dollar Falls As Asian Shares Traded Higher

03/04/2024 - 02:03:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Monday, as investor sentiment edged higher following the broadly positive cues from global markets on Friday, amid bets the U.S. Fed will likely cut interest rate in June after data showed a slowdown in manufacturing activity and a drop in consumer sentiment in the U.S.

Traders also react to a slew of economic data from the region.

This week's trading is likely to be driven by a testimony by Fed Chair Jerome Powell and reaction to the release of the U.S. services PMI figures and the monthly jobs report.

Powell testifies Tuesday and Wednesday before House and Senate committees, a semi-annual exercise.

In the Asian trading now, the U.S. dollar fell to 4-day lows of 1.0848 against the euro and 1.2667 against the pound, from last week's closing quotes of 1.0837 and 1.2650, respectively. If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro and 1.27 against the pound.

Against the Swiss franc and the yen, the greenback dropped to 4-day lows of 0.8824 and 149.84 from Friday's closing quotes of 0.8833 and 150.11, respectively. The greenback may test support near 0.86 against the franc and 147.00 against the yen.

Looking ahead, the Federal Statistical Office releases Swiss inflation data for February at 2:00 am ET in the pre-European session.

At 4:30 am ET, the behavioral research Sentix is scheduled to issue euro area investor confidence survey results for March.

At 11:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is scheduled to speak on the "Economic Impact of Higher Education" before the 2024 American Council on Education Presidents and Chancellors Summit, Washington D.C., U.S.

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