U.S. Dollar Falls Amid Trump's Fed Choice
04 Oktober 2017 - 05:39AM
RTTF2
The U.S. dollar weakened against other major currencies in the
Asian session on Wednesday, as investors await U.S. President
Donald Trump's decision on the leadership of the Federal
Reserve.
Investors ponder over the likely successor of Fed Chair Janet
Yellen, whose term ends in February.
Speculation rose that U.S President Donald Trump's decision for
the next U.S. Federal Reserve chair may be a less hawkish candidate
than previously thought.
Investors also wait for speeches by Federal Reserve officials,
the U.S. nonfarm payrolls report, foreign exchange reserves data
from China, and minutes of the last ECB meeting this week for
further direction.
Meanwhile, some believe that Fed would hike interest rates in
December.
In the Asian trading, the U.S. dollar fell to 2-day lows of
1.1779 against the euro, 112.48 against the yen, and 0.9709 against
the Swiss franc, from yesterday's closing quotes of 1.1744, 112.84
and 0.9736, respectively. If the greenback extends its downtrend,
it is likely to find support around 1.20 against the euro, 109.00
against the yen and 0.95 against the franc.
Against the Canadian dollar, the greenback dropped to a 5-day
low of 1.2457 from yesterday's closing value of 1.2485. The
greenback may test support near the 1.22 region.
The greenback edged down to 1.3273 agianst the pound, from
yesterday's closing value of 1.3236. On the downside, 1.36 is seen
as the next support level for the greenback.
Looking ahead, PMI reports from major European economies for
September and Eurozone retail sales data for August are due to be
released later in the day.
In the New York session, U.S. ADP private sector jobs data for
September, U.S. markit's PMI for September, and U.S. crude oil
inventories data are slated for release.
At 1:15 pm ET, European Central Bank President Mario Draghi is
scheduled to deliver opening remarks at the Inauguration of the ECB
Visitor Center, in Frankfurt.
At 3:15 pm ET, Federal Reserve Chair Janet Yellen will deliver
opening remarks at a community banking conference hosted by the
Federal Reserve Bank of St. Louis.
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