U.S. Dollar Stays Lower On Powell's Dovish Stance
29 Agosto 2021 - 10:21PM
RTTF2
The U.S. dollar held losses in the Asian session on Monday, as
Federal Reserve chair Jerome Powell struck a dovish tone on
monetary policy, signaling that the central bank is in no rush to
raise rates.
In his speech at Jackson Hole Economic Symposium last week,
Powell said that the central bank is likely to start scaling back
bond purchase program this year, but didn't provide timing for
withdrawal.
Powell noted that there is "much ground to cover to reach
maximum employment," a criteria to begin tapering.
The current spike in inflation is due in part to supply-chain
disruptions on the back of pandemic and could be transitory.
The Fed chairman acknowledged that the spread of the Delta
variant poses a "near-term risk" to economic outlook.
All important U.S. jobs data due on Friday could help assess the
strength of the labor market.
The greenback fell to more than a 3-week low of 1.1810 against
the euro and a 5-day low of 109.70 versus the yen, from last week's
closing values of 1.1796 and 109.80, respectively. The greenback
may locate support around 1.20 against the euro and 108.00 against
the yen.
The greenback touched near 2-week lows of 0.9100 against the
franc and 0.7318 against the aussie, down from Friday's closing
values of 0.9109 and 0.7311, respectively. The next possible
support for the greenback is seen around 0.90 against the franc and
0.75 against the aussie.
The greenback edged down to 1.3775 against the pound, compared
to Friday's close of 1.3757. The greenback is likely to face
support around the 1.41 region, if it falls again.
The greenback held onto its last week's losses against the kiwi
and the loonie, touching 0.7015 and 1.2607, respectively.
Looking ahead, Eurozone economic confidence index and Swiss KOF
leading indicator for August are due in the European session.
German preliminary CPI for August is scheduled for release at
8:00 am ET.
U.S. pending home sales for July will be released in the New
York session.
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