U.S. Dollar Trades Lower Against Majors
May 29 2017 - 4:18AM
RTTF2
The U.S. dollar traded lower against its major counterparts in
the European session on Monday amid geopolitical worries, as the
U.S. President Donald Trump reacted to recent reports that his
son-in-law Jared Kushner is being focused upon by the Federal
Bureau of Investigation in the Russia probe.
Trump on Sunday attacked the news media, saying that numerous
leaks from the White House were "fabricated lies made up by the
#FakeNews media".
"Whenever you see the words 'sources say' in the fake news
media, and they don't mention names........it is very possible that
those sources don't exist but are made up by fake news writers.
#FakeNews is the enemy!," he tweeted.
His outrage came after last week's news that Kushner had
proposed to set up a secret communication line between the Kremlin
and the Trump transition team.
European stocks retreated, as oil extended last week's drop and
Italian banks came under selling pressure after the Financial Times
reported that Intesa Sanpaolo is considering closing branches and
cutting costs in a strategy shift.
The G 7 summit over the weekend failed to make progress on
narrowing differences on climate change and North Korea fired
another missile off its east coast, the latest in a fast-paced
series of missile tests defying world pressure and threats of more
sanctions.
The greenback showed mixed trading in the Asian session. While
the currency held steady against the euro and the franc, it rose
against the yen. Against the pound, it declined.
Reversing from an early session's high of 1.1159 against the
euro, the greenback edged down to 1.1190. Continuation of the
greenback's downtrend may see it challenging support around the
1.13 region.
Data from the European Central Bank showed that Eurozone money
supply and credit to private sector grew at slower pace in
April.
The broad monetary aggregate M3 climbed 4.9 percent annually,
slower than the 5.3 percent increase in March. The annual rate was
forecast to moderate to 5.2 percent.
The greenback weakened to 1.2849 against the pound, compared to
1.2805 hit late New York Friday. The next possible support for the
greenback is seen around the 1.30 area.
The greenback edged down to 0.9732 against the Swiss franc, off
its early high of 0.9759. If the greenback-franc pair extends
slide, 0.95 is likely seen as its next support level.
The greenback held steady against the Japanese yen, after paring
gains to 111.23 early in the trading session. This may be compared
to a high of 111.47 hit at 9:15 pm ET.
The greenback weakened to 0.7088 against the NZ dollar, its
lowest since March 21. On the downside, 0.72 is possibly seen as
the next support level for the greenback.
The greenback reversed from an early high of 1.3466 against the
loonie, weakening to 1.3442. The greenback is likely to find
support around the 1.32 mark.
Looking ahead, the European Central Bank President Mario Draghi
testifies about the economy and monetary developments before the
Economic and Monetary Affairs Committee, in Brussels at 9:00 am
ET.
The U.S. markets remain closed due to the Memorial Day
holiday.
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