U.S. Dollar Lower Ahead Of Fed Decision
07 November 2024 - 2:27PM
RTTF2
The U.S. dollar dropped against its major counterparts in the
New York session on Thursday, as investors awaited the Federal
Reserve's monetary policy announcement due shortly.
With the Fed widely expected to lower rates by 25 basis points,
traders are likely to pay close attention to the accompanying
statement for clues about the outlook for future rate cuts.
Ahead of the announcement, CME Group's FedWatch tool is
indicating a 67.4 percent chance the Fed will cut rates by another
25 basis points in December but a 32.2 percent chance rates will be
left unchanged.
On the U.S. economic front, a report released by the Labor
Department showed a modest rebound by first-time claims for U.S.
unemployment benefits in the week ended November 2nd.
The Labor Department said initial jobless claims crept up to
221,000, an increase of 3,000 from the previous week's revised
level of 218,000.
Economists had expected jobless claims to rise to 221,000 from
the 216,000 originally reported for the previous week.
The greenback fell to 1.0824 against the euro and 1.3009 against
the pound, off its early highs of 1.0712 and 1.2868, respectively.
The currency is seen finding support around 1.10 against the euro
and 1.32 against the pound.
The greenback declined to 0.8709 against the franc and 152.84
against the yen, from its early more than 3-month highs of 0.8774
and 154.70, respectively. The next possible support for the
currency is seen around 0.86 against the franc and 146.00 against
the yen.
The greenback dropped to fresh 2-week lows of 0.6687 against the
aussie and 0.6038 against the kiwi, from its early highs of 0.6563
and 0.5931, respectively. The currency is likely to locate support
around 0.68 against the aussie and 0.62 against the kiwi.
The greenback reached as low as 1.3855 against the loonie. If
the currency falls further, it is likely to test support around the
1.36 region.
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