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Forex News: U.S. Dollar Weakens At Start Of Week

U.S. Dollar Weakens At Start Of Week

08/01/2022 - 10:51:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its major counterparts in the European session on Monday, on hopes that the Federal Reserve is likely to be less aggressive on rate hikes in the future.

Recent weak economic data prompted investors to dial back expectations for a more aggressive policy tightening by the Fed.

The Institute of Supply Management will release the manufacturing PMI at 10 am ET. The index is expected to edge lower to 52 in July from 53 in June.

The U.S. Labor Department will release jobs data for July on Friday. Economists expect the employment to rise by 250,000 jobs in July, down from 372,000 jobs seen in the prior month. The jobless rate is expected to hold steady at 3.6 percent.

Minneapolis Fed President Neel Kashkari said on Sunday that he is concerned about the current state of inflation and he would not change his analysis in the wake of weak GDP data for the second quarter.

The greenback depreciated to a 1-1/2-month low of 131.81 against the yen and more than a 3-month low of 0.9482 against the franc, following its prior highs of 133.56 and 0.9535, respectively. The greenback may challenge support around 130.00 against the yen and 0.92 against the franc.

The greenback touched near a 2-week low of 1.0270 against the euro and near a 5-week low of 1.2273 against the pound, off its previous highs of 1.0205 and 1.2157, respectively. The greenback is seen finding support around 1.04 against the euro and 1.245 against the pound.

The greenback slid to 0.6343 against the kiwi, its lowest level since June 21. Against the aussie, it held at a 1-1/2-month low of 0.7047. The next possible support for the greenback is seen around 0.65 against the kiwi and 0.72 against the aussie.

In contrast, the greenback rebounded to 1.2824 against the loonie, from near a 2-month low of 1.2767 seen at 6:20 am ET. If the greenback rises further, 1.30 is possibly seen as its next resistance level.

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