Forex News: U.S. Dollar Weakens Amid Falling Yields

U.S. Dollar Weakens Amid Falling Yields

(RTTNews) - The U.S. dollar declined against its major counterparts in the New York session on Tuesday, as treasury yields fell and recent economic data suggested a slowdown in growth.

Data from the Conference Board showed a significant deterioration in U.S. consumer confidence in the month of February.

The Conference Board said its consumer confidence index tumbled to 98.3 in February from an upwardly revised 105.3 in January.

Economists had expected the consumer confidence index to dip to 103.0 from the 104.1 originally reported for the previous month.

US President Donald Trump's tariff threats escalated concerns about trade war.

Trump said that tariffs on Mexican and Canadian imports will proceed as planned when the month-long delay ends next week.

The greenback fell to 1.0519 against the euro and 1.2677 against the pound, from an early high of 1.0455 and a 5-day high of 1.2605, respectively. The currency is poised to challenge support around 1.08 against the euro and 1.28 against the pound.

The greenback dropped to more than a 2-month low of 0.8912 against the franc and more than a 4-month low of 148.55 against the yen, from an early high of 0.8978 and a 4-day high of 150.30, respectively. The greenback may face support around 0.87 against the franc and 144.00 against the yen.

In contrast, the greenback climbed to a 5-day high of 0.5706 against the kiwi and near 2-week highs of 0.6321 against the aussie and 1.4316 against the loonie, off its early lows of 0.5738, 0.6356 and 1.4240, respectively. The greenback is likely to face resistance around 0.55 against the kiwi, 0.62 against the aussie and 1.45 against the loonie.

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