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Forex News: U.S. Dollar Falls, U.S. Inflation Report In Focus

U.S. Dollar Falls, U.S. Inflation Report In Focus

05/15/2024 - 04:22:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Wednesday, as traders await the release of key U.S. CPI data along with other reports on U.S. retail sales and homebuilder confidence which is likely to influence the U.S. Federal Reserve's near-term policy path.

Economists expect U.S. consumer prices to climb by 0.4 percent in April, matching the increase seen in March.

The annual rate of consumer price growth is expected to dip to 3.4 percent in April from 3.4 percent in March, while the annual rate of core consumer price growth is expected to slow to 3.6 percent from 3.8 percent.

In the Asian trading today, the U.S. dollar fell to more than a 1-month low of 1.0829 against the euro and nearly a 2-week low of 1.2601 against the pound, from yesterday's closing quotes of 1.0814 and 1.2588, respectively. If the greenback extends its downtrend, it is likely to find support around 1.07 against the euro and 1.27 against the pound.

Against the yen and the Swiss franc, the greenback dropped to 2-day lows of 156.18 and 0.9054 from Tuesday's closing quotes of 156.52 and 0.9064, respectively. The greenback may test support near 151.00 against the yen and 0.89 against the franc.

The greenback edged down to 1.3637 against the Canadian dollar, from yesterday's closing value of 1.3654. On the downside, 1.35 is seen as the next support level for the greenback.

Looking ahead, Eurozone flash GDP estimate for the first quarter and industrial production figures for March are due to be released at 5:00 am ET in the European session.

In the New York session, U.S. MBA mortgage approvals data, Canada housing starts for April and manufacturing sales data for March, U.S. CPI data for April, business inventories for March, U.S. NAHB housing market index for May and U.S. EIA weekly crude oil data are slated for release.

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