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Forex News: U.S. Dollar Lower As Rate Worries Recede

U.S. Dollar Lower As Rate Worries Recede

05/10/2021 - 09:00:00 (RTTNews)

(RTTNews) - The U.S. dollar came under pressure against its major counterparts in the European session on Monday, as a disappointing U.S. jobs data intensified hopes that the Fed will not pull back its easy monetary policy anytime soon.

U.S. non-farm payroll employment rose by 266,000 jobs in April, well below expectations for a rise of 978,000 jobs.

The unemployment rate rose to 6.1 percent in April.

The data helped boost expectations that interest rates would remain low for longer.

Federal Reserve Bank of Minneapolis President Neel Kashkari told Bloomberg Television that Friday's job numbers validates the central bank's new outcome-based approach to policy.

Investors focus on inflation data due out on Wednesday for more direction.

No major economic data is due today.

The greenback fell to 2-1/2-month lows of 0.8987 against the franc and 1.4121 against the pound, down from last week's closing values of 0.9002 and 1.3986, respectively. The next possible support for the greenback is seen around 0.86 against the franc and 1.45 against the pound.

The greenback dropped back to 1.2175 against the euro, heading to pierce its Asian session's 2-1/2-month low of 1.2177. If the greenback slides further, 1.24 is likely seen as its next support level.

Survey results from Sentix showed that Eurozone investor confidence improved to the highest level in more than three years in May suggesting that the recession caused by the coronavirus has been overcome.

The investor confidence index rose notably to 21.0 in May from 13.1 in April. The score was the highest since March 2018. The reading was forecast to climb moderately to 14.0.

The greenback depreciated to a 2-1/2-month low of 0.7890 against the aussie and more than a 2-month low of 0.7300 versus the kiwi, compared to Friday's values of 0.7840 and 0.7276, respectively. The greenback is likely to challenge support around 0.82 against the aussie and 0.74 versus the kiwi.

The greenback declined to a 3-1/2-year low of 1.2094 against the loonie from Friday's close of 1.2123. Next key support for the currency is seen around the 1.19 level.

The U.S. currency pulled back to 108.65 against the yen, from a high of 109.06 hit at 3:30 am ET. The greenback is seen finding support around the 106.00 mark.

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