The dollar fell after US inflation data
2018-03-13 05:26 pm | Resource: NEWS | No Views : 94
The US dollar fell against major currencies in European trading on Tuesday as US consumer inflation rose in line with February economic estimates, raising hopes that the Fed may continue to raise interest rates gradually this year.
In addition to reports that US President Donald Trump expelled Secretary of State Rex Tilerson, he downplayed investor sentiment. Trump announced on Twitter that he would replace Tillerson with Mike Pompeo, director of the CIA.
The dollar traded mixed against the major currencies in the Asian session. While rising against the yen and the pound, held steady against the franc and the euro.
The dollar fell to a two-week low of 1.3965 against the pound, after reaching 1.3875 at 5:15 pm Eastern Time. The next support for the USD is likely to be around 1.43.
The dollar slipped from an early high of 1.2315 to the euro and fell to a 5-day low of 1.2386. The dollar is showing support around the 1.26 area.
The dollar fell to a 5-day low of 0.9438 against the franc, from a high of 0.9494 at 4:00 am ET. On the downside, 0.93 is seen as the next support level for the USD.
The dollar fell to a two-week low of 0.7894 against the Australian dollar and near a three-week low of 0.7348 against the New Zealand dollar, from an early high of 0.7859 and 0.7290 respectively. If the dollar falls further, 0.81 and 0.75 are likely to be seen as the next support levels against the AUD and Kiwi, respectively.
The greenback fell to 106.71 against the yen, from a two-week high of 107.29 recorded at 8:30 am ET. This can be compared to 4 days at 106.25 indicated in the Asian session. The USD appears to find support around the 104.00 level.
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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