U.S. Dollar Falls On Trade Talk Hopes
18 February 2019 - 12:14PM
RTTF2
The U.S. dollar depreciated against its most major counterparts
in the Asian session on Monday, as investors awaited trade talks
between the U.S. and China beginning this week, after making some
progress in talks held last week.
A statement from the White House said high level U.S.-China
trade talks this week led to "progress between the two parties",
but noted "much work remains."
Trump said that the meetings were very productive and he is
ready to extend the March 1 deadline and hold off a planned tariff
hike on Chinese goods.
Minutes from the Federal Reserve's last policy meeting are due
on Wednesday, with investors awaiting more clues on its rate hike
path for this year.
The greenback declined to a 5-day low of 1.2920 against the
pound, down from a 5-day high of 1.2899 hit at 5:45 pm ET. The
greenback is seen finding support around the 1.32 level.
The greenback slipped to a weekly low of 1.0029 against the
franc, following a high of 1.0055 seen at 5:15 pm ET. The next
likely support for the greenback is seen around the 0.99 level.
Pulling away from an early high of 1.1289 against the euro, the
greenback fell to a 5-day low of 1.1325. On the downside, 1.15 is
possibly seen as the next support level for the greenback.
The greenback dropped to a 5-day low of 1.3225 against the
loonie, near 2-week lows of 0.6893 against the kiwi and 0.7159
against the aussie, from its early highs of 1.3255, 0.6855 and
0.7133, respectively. The greenback is poised to challenge support
around 1.29 against the loonie, 0.70 against the kiwi and 0.74
against the aussie.
On the flip side, the greenback held steady against the yen,
after having advanced to 110.58 at 6:55 pm ET. The pair was valued
at 110.46 at Friday's close.
Data from the Cabinet Office showed that Japan core machine
orders fell 0.1 percent on month in December - beating expectations
for a decline of 1.0 percent following the flat reading in
November.
On a yearly basis, core machine orders were up 0.9 percent - shy
of forecasts for an increase of 3.4 percent following the 0.8
percent increase in the previous month.
The U.S. markets remain closed for Presidents Day holiday.
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