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Forex News: U.S. Dollar Lower Against Most Majors

U.S. Dollar Lower Against Most Majors

02/23/2024 - 11:30:00 (RTTNews)

(RTTNews) - The U.S. dollar was subdued on Friday, as investors continued to cheer strong quarterly results from AI chipmaker Nvidia.

Shares of Nvidia continued to rise after hitting an all-time high yesterday. Nvidia's earnings lifted the Dow and S&P 500 to record highs on Thursday.

The Commerce Department's report on personal income and spending will be in focus next week, as it includes readings on inflation said to be preferred by the Federal Reserve.

Traders are also likely to keep an eye on reports on durable goods orders, new home sales, consumer confidence and manufacturing activity.

The greenback fell to 1.0839 against the euro and 1.2701 against the pound, off its early highs of 1.0814 and 1.2648, respectively. The greenback is poised to challenge support around 1.10 against the euro and 1.28 against the pound.

The greenback edged down to 0.6580 against the aussie and 0.6211 against the kiwi, from its early highs of 0.6549 and 0.6180, respectively. The greenback is seen finding support around 0.68 against the aussie and 0.63 against the kiwi.

The greenback eased to 150.31 against the yen, from an early 9-day high of 150.76. If the currency falls further, it is likely to test support around the 144.00 region.

In contrast, the greenback climbed against the loonie and was trading at 1.3503. On the upside, 1.38 is possibly seen as its next resistance level.

The greenback rebounded against the franc and was trading at 0.8815. The greenback is likely to find resistance around the 0.90 level.

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