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Forex News: U.S. Dollar Falls On Fed Slowdown Expectations

U.S. Dollar Falls On Fed Slowdown Expectations

11/07/2022 - 07:32:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major opponents in the European session on Monday, as Friday's jobs data added to hopes for a slowdown in the pace of tightening by the Federal Reserve.

Data from the Labor Department showed on Friday that the economy created 261,000 jobs in October, but the unemployment rate rose to 3.7 percent during the month.

Fed officials Thomas Barkin and Susan Collins both indicated that a slower pace of rate hikes would be appropriate in the future.

Investors await U.S. consumer inflation data due on Thursday for more clues about the policy outlook.

The U.S. holds its midterm elections on Tuesday and a split Congress is likely to be the outcome.

The greenback touched a 10-day low of 0.9892 against the franc and near a 2-week low of 1.0007 against the euro, down from its early highs of 0.9985 and 0.9900, respectively. The greenback is seen finding support around 0.96 against the franc and 1.01 against the euro.

The greenback fell to 1.3466 against the loonie for the first time since September 23. The greenback may face support around the 1.29 level, if it falls again.

The greenback depreciated to 1.1476 against the pound and 146.43 against the yen, its lowest levels in five days. On the downside, 1.16 and 144.00 are likely seen as its next support levels against the pound and the yen, respectively.

The greenback edged down to 0.5931 against the kiwi and 0.6477 against the aussie, following its previous highs of 0.5863 and 0.6406, respectively. The next likely support for the greenback is seen around 0.62 against the kiwi and 0.68 against the aussie.

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