U.S. Dollar Eases After Powell's Speech
November 08 2023 - 7:40AM
RTTF2
The U.S. dollar retreated against its most major counterparts in
the New York session on Wednesday, as Federal Reserve Chair Jerome
Powell gave no comments on monetary policy or guidance.
The dollar index eased to 105.53.
The yield on the 10-year U.S. treasury note dropped to 4.544
percent. Yields move inversely to bond prices.
Markets are expecting the Fed to begin trimming rates later in
2024.
On the economic data front, U.S. wholesale inventories edged up
unexpectedly in September.
Wholesale inventories rose by 0.2 percent in September after
edging down by 0.1 percent in August. Economists had expected
wholesale inventories to come in unchanged.
The greenback eased to 1.0714 against the euro and 1.2300
against the pound, from its early 5-day highs of 1.0659 and 1.2241,
respectively. The greenback is seen finding support around 1.10
against the euro and 1.26 against the pound.
The greenback weakened to a 2-day low of 0.8976 against the
franc, down from an early 5-day high of 0.9024. The greenback is
poised to challenge support around the 0.87 level.
In contrast, the greenback climbed against the yen, touching a
1-week high of 150.98. If the currency rises further, it may find
resistance around the 155.00 level.
The greenback advanced to a 5-day high of 0.5910 against the
kiwi and a 6-day high of 1.3805 against the loonie, off its prior
lows of 0.5942 and 1.3754, respectively. The next possible
resistance for the greenback is seen around 0.57 against the kiwi
and 1.41 against the loonie.
The greenback was higher against the aussie, at 0.6407. The
currency is likely to challenge resistance around the 0.62
level.
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