U.S. Dollar Slides On Trade Deal Uncertainty
2019年11月11日 - 5:25PM
RTTF2
The U.S. dollar declined against its major counterparts in the
European session on Monday, as investors awaited developments on
the US-China trade front after President Donald Trump remarked that
he had not made a decision on reductions of tariffs on Chinese
goods.
Over the weekend, Trump downplayed reports of an imminent
lifting of tariffs as part of the phase-one trade deal.
Trump also said that talks with China had moved more slowly than
he would have liked and that China very much wants to make a
deal.
His comments dampened hopes of reaching a long-term trade deal
between Beijing and Washington.
Inflation data from China brought slowdown fears to the fore.
While China's consumer price index grew at its fastest pace in
about eight years, a measure of producer prices fell the most in
more than three years in October, underscoring the problem of
moderating demand.
No economic data is scheduled today.
The currency showed mixed trading against its major counterparts
in the Asian session. While it fell against the franc and the yen,
it dropped against the euro and the pound.
The greenback fell to a 4-day low of 0.9937 against the franc,
from a high of 0.9977 hit at 7:45 pm ET. The next likely support
for the greenback is seen around the 0.97 region.
The greenback that closed Friday's trading at 109.21 against the
yen declined to a 4-day low of 108.90. If the greenback falls
further, it may find support around the 106.00 level.
Data from the Cabinet Office showed that Japan core machinery
orders declined unexpectedly in September.
Core machinery orders, a leading indicator of private capital
investment, declined 2.9 percent month-on-month, following a 2.4
percent drop in August.
Reversing from a high of 1.1017 seen at 7:45 pm ET, the
greenback dropped to 1.1039 against the euro. The greenback is seen
finding support around the 1.12 region.
Data from Destatis showed that Germany's wholesale prices
declined at the fastest pace in more than three years in
October.
Wholesale prices fell 2.3 percent year-on-year in October,
following a 1.9 percent drop in September. This was the biggest
annual fall since May 2016.
The greenback depreciated to a 6-day low of 1.2898 against the
pound from Friday's closing value of 1.2773. The greenback may
challenge support around the 1.30 level.
Data from the Office for National Statistics showed that the UK
economy recovered in the third quarter driven by services and
construction.
Gross domestic product grew 0.3 percent sequentially in the
third quarter after contracting 0.2 percent in the second
quarter.
The greenback dropped to 0.6370 against the kiwi, after rising
as high as 0.6326 at 5:45 pm ET. On the downside, 0.66 is possibly
seen as the next support level for the greenback.
Figures from Statistics New Zealand showed that New Zealand
retail card spending declined for the first time in five months,
driven by hardware and appliances sales.
Retail card spending fell 0.6 percent on month in the October,
after a 0.2 percent rise in September.
In contrast, the greenback recovered to 1.3231 against the
loonie, from a low of 1.3216 seen at 5:30 pm ET. The currency is
likely to locate resistance around the 1.35 level.
After falling to 0.6866 against the aussie at 5:15 am ET, the
greenback briefly bounced off to 0.6849. Next immediate resistance
for the greenback is seen around the 0.67 level.
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