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Forex News: U.S. Dollar Trades Lower On Trade Uncertainty

U.S. Dollar Trades Lower On Trade Uncertainty

10/14/2019 - 09:44:00 (RTTNews)

(RTTNews) - The U.S. dollar traded lower against its most major counterparts in the European session on Monday, as optimism over the U.S-China trade deal receded after China sought further talks before sealing the partial trade deal claimed by President Donald Trump.

Bloomberg reported that China wanted more talks by the end of October to finalize the "phase one" trade deal which had been agreed on Friday.

Chinese Vice Premier Liu He, China's top negotiator, may head the delegation to discuss the details of the "phase one" trade deal that could be signed at the Asia-Pacific Economic Cooperation summit next month in Chile.

China has asked to abandon a planned tariff hike in December in addition to the hike scheduled for this week, it added.

Weak China trade data added to concerns about global growth.

China's import and export figures for September both came in worse than expected, official data showed.

The economic calendar is light in observance of Columbus Day holiday in the U.S.

The currency traded mixed against its major counterparts in the previous session. While it fell against the yen and the franc, it rose against the pound. Against the euro, it held steady.

The greenback slipped to a 4-day low of 0.9944 against the franc, from last week's closing value of 0.9966. The greenback is seen finding support around the 0.96 level.

The greenback edged down to 108.03 against the yen, from a high of 108.52 seen at 7:00 pm ET. The next likely support for the greenback lies around the 106.00 level.

Pulling away from a high of 1.1013 hit at 2:45 am ET, the greenback weakened to 1.1043 against the euro. If the greenback drops further, 1.12 is possibly seen as its next support level.

Data from Eurostat showed that Eurozone industrial production expanded in August after easing for two straight months.

Industrial output grew 0.4 percent month-on-month, offsetting a 0.4 percent fall in July. This was the first rise in three months.

On the other hand, the greenback strengthened to 1.2516 against the pound from Friday's closing value of 1.2644. On the upside, 1.24 is possibly seen as its next resistance level.

The greenback was trading higher at 1.3223 against the loonie, compared to last week's closing quote of 1.3192. The currency is likely to locate resistance around the 1.35 level.

The greenback appreciated to 4-day highs of 0.6752 against the aussie and 0.6284 against the kiwi, from Friday's closing values of 0.6790 and 0.6335, respectively. The greenback is seen finding resistance around 0.66 against the aussie and 0.61 against the kiwi.

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