Forex News: U.S. Dollar Falls After Soft Economic Data

U.S. Dollar Falls After Soft Economic Data

(RTTNews) - The U.S. dollar dropped against its major counterparts in the New York session on Tuesday, as softer-than-expected economic data raised likelihood of a rate cut in December.

Retail sales increased 0.2 percent month-on-month in September, down from 0.6 percent in August. Economists had expected retail sales to rise to 0.4 percent.

Consumer confidence dropped 6.8 points to 88.7 from 95.5 in October.

U.S. treasury yields fell, with the 10-year treasury yield falling three basis points to 4.00 percent.

The greenback fell to 6-day lows of 1.1585 against the euro and 155.80 against the yen. The currency may find support around 1.18 against the euro and 147.00 against the yen.

The greenback dropped to a 4-day low of 0.8057 against the franc and near a 2-week low of 1.3214 against the pound. The next possible support for the currency is seen around 0.78 against the franc and 1.33 against the pound.

The greenback weakened to a 4-day low of 1.4089 against the loonie and 5-day lows of 0.6475 against the aussie and 0.5628 against the kiwi, from its early 4-day highs of 1.4125, 0.6436 and 0.5591, respectively. The currency is seen finding support around 1.36 against the loonie, 0.68 against the aussie and 0.59 against the kiwi.

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