FOREX TradingCharts.com

Forex News: U.S. Dollar Retreats Amid Weak Durable Goods Orders

U.S. Dollar Retreats Amid Weak Durable Goods Orders Data

07/27/2021 - 10:13:00 (RTTNews)

(RTTNews) - The U.S. dollar weakened against its major counterparts in the European session on Tuesday, after a data showed that the nation's durable goods orders rose less than expected in June. Investors look ahead to the Fed meeting beginning today for more clues regarding the timing of tapering the stimulus program.

Data from the Commerce Department showed that durable goods orders climbed by 0.8 percent in June after spiking by an upwardly revised 3.2 percent in May.

Economists had been expecting orders to surge up by 2.1 percent compared to the 2.3 percent jump that had been reported for the previous month.

Excluding orders for transportation equipment, durable goods orders rose by 0.3 percent in June following a 0.5 percent increase in May. Ex-transportation orders were expected to climb by 0.8 percent.

U.S. treasury yields dropped for a second consecutive day. The yield on the benchmark 10-year treasury note fell 1 basis point to 1.264 percent.

The Fed is not expected to change the benchmark lending rate and the asset purchase program when it concludes its two-day meeting on Wednesday.

Fed officials had begun discussion on tapering in the June meeting, but Powell clarified that a decision regarding this matter would be made upon seeing a substantial improvement in the labor market.

The greenback reached a 5-day low of 1.1826 against the euro and near a 2-week low of 0.9136 against the franc, falling from its previous highs of 1.1770 and 0.9187, respectively. The greenback may locate support around 1.21 against the euro and 0.89 against the franc.

The greenback retreated to 0.7378 against the aussie, 0.6975 against the kiwi and 1.2554 against the loonie, after climbing to 0.7337, 6-day high of 0.6946 and a 4-day high of 1.2593, respectively earlier in the session. Should the greenback falls further, it is likely to test support around 0.75 against the aussie, 0.72 against the kiwi and 1.23 against the loonie.

Extending its early decline, the greenback hit a 6-day low of 109.84 against the yen. The next possible support for the dollar is seen around the 108.00 level.

Data from the Bank of Japan showed that Japan's services producer prices grew at a slower pace in June.

The services producer price index rose 1.4 percent year-on-year in June, slightly slower than the 1.5 percent increase seen in May.

The greenback pulled back to 1.3827 against the pound, from a high of 1.3767 seen at 4:15 am ET. Further fall in the currency may challenge support around the 1.41 level.

The latest Distributive Trades Survey data from the Confederation of British Industry showed that UK retail sales continued to expand in July, while orders grew the most since December 2010.

The retail sales balance came in at 23 percent in July, but slightly down from 25 percent in June. The balance was expected to fall to 21 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed After U.S. Consumer Sentiment Index (38 min(s), 30 sec(s) ago)
(RTTNews) - The University of Michigan's preliminary U.S. consumer sentiment index for Septemb ...Full Story»

Dollar Rises Ahead Of U.S. Consumer Sentiment Index (26 min(s), 29 sec(s) ago)
(RTTNews) - The University of Michigan's preliminary U.S. consumer sentiment index for Septemb ...Full Story»

Swiss Franc Declines Against Most Majors (01 hr(s), 06 min(s), 31 sec(s) ago)
(RTTNews) - The Swiss franc depreciated against its most major rivals during the European session ...Full Story»

Australian Dollar Advances Amid China's Liquidity Support (02 hr(s), 36 min(s), 31 sec(s) ago)
(RTTNews) - The Australian dollar climbed against its major counterparts in the European session o ...Full Story»

Euro Little Changed After Eurozone CPI (04 hr(s), 24 min(s), 30 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat has released euro area final consumer price data. The e ...Full Story»

Euro Mixed Ahead Of Eurozone CPI (04 hr(s), 36 min(s), 31 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat is set to release euro area final consumer price data. ...Full Story»

Pound Eases After U.K. Retail Sales Data (07 hr(s), 24 min(s), 31 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics has released UK retail sales ...Full Story»

Pound Climbs Ahead Of U.K. Retail Sales (07 hr(s), 33 min(s), 31 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics releases UK retail sales data ...Full Story»

Search

FOREX NEWS

Dollar Little Changed After U.S. Consumer Sentiment Index

09/17/2021 - 10:12 AM (RTTNews)
(RTTNews) - The University of Michigan's preliminary U.S. consumer sentiment index for Septemb ...Full Story>>

Dollar Rises Ahead Of U.S. Consumer Sentiment Index

09/17/2021 - 10:00 AM (RTTNews)
(RTTNews) - The University of Michigan's preliminary U.S. consumer sentiment index for Septemb ...Full Story>>

Swiss Franc Declines Against Most Majors

09/17/2021 - 08:27 AM (RTTNews)
(RTTNews) - The Swiss franc depreciated against its most major rivals during the European session ...Full Story>>

Australian Dollar Advances Amid China's Liquidity Support

09/17/2021 - 06:57 AM (RTTNews)
(RTTNews) - The Australian dollar climbed against its major counterparts in the European session o ...Full Story>>

Euro Little Changed After Eurozone CPI

09/17/2021 - 05:10 AM (RTTNews)
(RTTNews) - At 5.00 am ET Friday, Eurostat has released euro area final consumer price data. The e ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.