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The US dollar fell against its main rivals in the European session on Monday

2018-07-09 11:17 am | Resource: NEWS | No Views : 34



The US dollar fell against its main rivals in the European session on Monday as the US jobs report showed less-than-expected wage growth in June, reducing expectations for a fourth-rate hike this year.

Although job growth in the US rose more-than-expected in June, wage growth slowed, helping to reduce the likelihood of the Federal Reserve raising interest rates in September.

The data showed that wage growth in the US rose 0.2% in June, down from expectations of 0.3%.

Investors have absorbed continuing trade tensions between the United States and China, with the two countries imposing customs tariffs on goods worth $ 3.4 billion on each other.

With today's economic calendar light, investors are waiting for US producer prices, consumer prices and consumer confidence this week for more direction.

The dollar fell near a two-week low of 0.9858 against the franc, from a high of 0.9903 at 6:00 pm Eastern time. The dollar is likely to find support around the 0.97 level.

The dollar fell to a four-week low of 1.1781 against the euro and 1.3363 against the pound, dropping from a previous high of 1.1740 and 1.3285 respectively. Should the dollar fall further, it could find support around 1.19 versus the euro and 1.35 against the pound.

The greenback weakened close to a two week low of 0.6850 against the New Zealand dollar and near its 4-week low of 1.3069 against the Canadian dollar and remained steady thereafter. At the close last week, the US currency was 0.6838 against the Kiwi and 1.3089 against the Canadian dollar.

The US currency fell to 0.7481 against the Australian dollar, the weakest since June 15. On the downside, 0.76 is likely to be seen as the next support level for the USD.

On the other hand, the US dollar recovered from a 4-day low of 110.35 against the yen and remained steady thereafter. The pair closed on Friday at 110.45.


Other analysis

USDJPY Technical analysis 19 July 2018

Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term The USDJPY still faces resistance around the 112.90 level   In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area Accordingly, we expect that  the USDJPY will  retreat to 112.19   The alternative scenario is that the USDJPY breach…

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