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Forex News: U.S. Dollar Falls Before Fed Speeches, Data

U.S. Dollar Falls Before Fed Speeches, Data

11/08/2021 - 09:28:00 (RTTNews)

(RTTNews) - he U.S. dollar weakened against its most major counterparts in the European session on Monday, as investors turned their attention to the U.S. inflation report, as well as speeches from Federal Reserve officials to assess the timing of a rate hike.

The headline inflation is seen at 5.8 percent year-on-year in October, versus 5.4 percent in the previous month; while core inflation is expected to rise to 4.3 percent from 4.0 percent in September.

Speeches from a number of Fed officials, including Chair Jerome Powell are in focus. Powell is scheduled to give the opening remarks at the Federal Reserve Board's Gender and Economy Conference, at 10:30 am ET.

The Fed said last week that inflation is likely to remain higher for an extended period, although it will be transitory.

In another development, the House of Representatives has passed the infrastructure plan on Friday with a 228-206 vote, which is expected to create 2 million jobs a year over the decade.

The plan, totaling more than $1.2 trillion, would provide funds for broadband, roads, bridges and other projects.

The greenback touched 4-day lows of 1.1583 against the euro and 1.3550 against the pound, down from its early highs of 1.1551 and 1.3450, respectively. The next possible support for the greenback is seen around 1.18 against the euro and 1.37 against the pound.

Reversing from its prior highs of 113.67 against the yen and 1.2466 against the loonie, the greenback edged lower to 113.31 and a session's low of 1.2436, respectively. If the greenback falls further, 110.00 and 1.22 are likely seen as its next support levels against the yen and the loonie, respectively.

The greenback slipped to 4-day lows of 0.7416 against the aussie and 0.7173 against the kiwi, off its previous highs of 0.7384 and 0.7104, respectively. The greenback may test support around 0.76 against the aussie and 0.74 against the kiwi.

In contrast, the greenback was higher against the franc, at 0.9157. The currency is poised to find resistance around the 0.93 region.

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