Forex News: U.S. Dollar Falls Before Fed Decision

U.S. Dollar Falls Before Fed Decision

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Monday, ahead of the Federal Reserve's policy decision on Wednesday.

The Fed is expected to cut rates, although investors awaited the statement and the press conference for hints on rate trajectory.

The yield on the benchmark 10-year treasury note fell to 4.03 percent.

U.S. stocks climbed in anticipation of a 25 basis-point cut at the FOMC meeting.

The greenback dropped to 6-day lows of 1.1774 against the euro and 0.7936 against the franc. The next possible support for the currency is seen around 1.18 against the euro and 0.77 against the franc.

The greenback fell to a 10-day low of 1.3768 against the loonie and more than a 10-month low of 0.6674 against the aussie. The currency may find support around 1.36 against the loonie and 0.68 against the aussie.

The greenback declined to more than a 2-month low of 1.3620 against the pound. If currency falls further, it is likely to find support around the 1.40 level.

The greenback edged down to 147.23 against the yen and 0.5975 against the kiwi. The currency is seen finding support around 142.00 against the yen and 0.60 against the kiwi.

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