Forex News: U.S. Dollar Weakens Amid Trade Talks, Debt Concerns

U.S. Dollar Weakens Amid Trade Talks, Debt Concerns

(RTTNews) - The U.S. dollar dropped against its most major counterparts in the New York session on Monday, as investors monitored negotiations over President Donald Trump's tax bill in the Republican-controlled Senate.

Treasury Secretary Scott Bessent said that the bill will progress in the coming hours.

The bill passed a key procedural vote in the Senate and is estimated to increase the deficit by about $3.3 trillion.

Hopes of trade deals between the U.S. and key partners also weighed on the safe-haven currency.

The greenback declined to near a 4-year low of 1.1779 against the euro and near a 14-year low of 0.7930 against the franc. The currency is poised to find support around 1.20 against the euro and 0.77 against the franc.

The greenback fell to a 4-day low of 1.3617 against the loonie, 7-1/2-month low of 0.6579 against the aussie and an 8-1/2-month low of 0.6095 against the kiwi. The next possible support for the currency is seen around 1.34 against the loonie, 0.68 against the aussie and 0.62 against the kiwi.

The greenback retreated to 1.3722 against the pound, from an early 4-day high of 1.3673. The currency may find support around the 1.40 level.

In contrast, the greenback recovered to 144.51 against the yen, from an early 4-day low of 143.77. If the currency rises further, it is likely to find resistance around the 148.00 level.

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