Forex News: U.S. Dollar Weakens After Powell's Comments

U.S. Dollar Weakens After Powell's Comments

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Tuesday, after Federal Reserve Chair Jerome Powell hinted at further rate cuts in the coming months.

In a speech in Philadelphia, Powell said that "the outlook for employment and inflation does not appear to have changed much since our September meeting."

Investors expect the Fed to cut rates again later this month.

Concerns over U.S-China trade conflict also weighed on the currency.

The greenback retreated to 1.1615 against the euro and 1.3332 against the pound, from an early 5-day high of 1.1542 and a 2-1/2-month high of 1.3248, respectively. The currency may find support around 1.18 against the euro and 1.40 against the pound.

The greenback retreated to 0.6497 against the aussie, 1.4030 against the loonie and 0.5724 against the kiwi, from an early nearly 2-month high of 0.6491 and more than 6-month highs of 1.4080 and 0.5682, respectively. The next possible support for the currency is seen around 0.68 against the aussie, 1.36 against the loonie and 0.61 against the kiwi.

The greenback fell to a 4-day low of 151.60 against the yen, from an early 4-day high of 152.61. If currency falls further, it is likely to find support around the 146.00 level.

The greenback edged down to 0.8002 against the franc. The currency is seen finding support around the 0.76 level.

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