Dollar Falls vs. Currencies Before Federal Reserve meeting
2019-06-17 04:05 pm | Resource: | No Views : 79
The US dollar fell against its major counterparts as manufacturing activity in the Federal Reserve Bank of New York shrank unexpectedly in June and investors cautiously anticipated a Federal Reserve meeting scheduled for this week for further evidence of a possible cut in interest rates.
The US housing market index fell to 64 in June
Building confidence in the United States in newly constructed single-family homes reached 64 in June, according to the National Association of Home Builders (NAHB), the Wells Fargo Housing Index (HMI) released on Monday. All indexes in the Wells Fargo index were slightly lower than in May. The current selling conditions fell by a single point to 71 points, and the component that measures expectations in the next six months fell by two points to 70 and the flat metric buyer's movement fell by one point to 48 points.
"While demand for single-family homes remains intact, engineers continue to report high development and construction costs, with some additional concerns about trade issues," Greg Ogald, president of the National Association of Home Builders, told a news briefing.
Expectations of interest
On the other hand, the Federal Reserve will start its monetary policy meeting on Tuesday and a decision is due on Wednesday. Market participants widely expect the Federal Reserve to abandon the word "patient" from its statement, signaling its willingness to cut interest rates in the future against the backdrop of trade tensions and slowing growth in the United States. The CME Group's FedWatch tool now shows only a 22.5 percent chance that the Federal Reserve will cut interest rates this week but a 65.7 percent chance of a rate cut next month.
Dollar trading against currencies
- The greenback fell to 108.52 against the yen, from a 6-day high of 108.72 at 15:15 CET
- The Dollar reversed its trend and fell to 0.9966 against the Swiss Franc. On the downside, 0.96 is likely to be the next support level for the USD.
- The dollar fell to 1.1247 against the euro, after advancing to 1.1204
- After rising more than two weeks at 1.2572 against the pound at 3:45 am, the dollar fell to 1.2605.
- The greenback was trading lower at 1.3402 against the Canadian dollar, down from a high of 1.3419
- The dollar rose to 0.6863 against the Australian dollar from an early low of 0.6885.
- The Dollar rebounded to 0.6499 against the Kiwi, from a low of 0.6515.
We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…
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