The US dollar fell against its main rivals at the start of the European session on Monday
2018-03-12 11:57 am | Resource: NEWS | No Views : 91
The US dollar fell against its main rivals at the start of the European session on Monday as mixed jobs data showed last week that showed strong employment but slowing wages growth in February raised fears of a faster rate hike.
The US economy added 313,000 new jobs in February, the biggest gain since mid-2016. However, the 12-month increase in labor wages fell to 2.6% from 2.8%, suggesting that wages may not be compatible with inflation.
Chicago Fed Chairman Charles Evans told CNBC on Friday it was appropriate to "wait longer" than the upcoming rate hike meeting this year. "It's better to wait a little longer," Evans said. "It can wait until mid-year to get a number of increases."
Traders are waiting for the February CPI to gauge expectations of a federal rate hike, and inflation is expected to slow 0.2 percent on a monthly basis, from 0.5 percent a month earlier.
US producer prices and retail sales will be released on Wednesday. The currency fell against major currencies in Asian trading on Monday, excluding the pound.
The dollar fell to a four-day low of 0.9485 against the franc and 1.2341 against the euro, from last week's close at 0.9513 and 1.2303 respectively. On the downside, 0.93 and 1.25 are seen as potential support levels for the dollar.
The dollar, which ended last week's trades at 1.3849, fell against the pound to 1.3882. Is about to find support around the 1.40 level.
The greenback fell to a two-week low of 0.7880 against the Australian dollar and 0.7323 against the New Zealand dollar, compared to Friday's closing prices of 0.7846 and 0.7279 respectively. The next support levels are likely to see around 0.81 against the Australian dollar and 0.74 against the New Zealand dollar.
The dollar hit a low of 106.36 against the yen at 12:45 Eastern Time, and ended the trading session on Friday at 106.81.
Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term The USDJPY managed to pull back to the support level of 109.85, forming a positive candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect that the USDJPY will drop below level of 109.85 again The alternative…
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