U.S. Dollar Falls On Strong China Data
(RTTNews) - The U.S. dollar weakened against its major counterparts in the European session on Tuesday, as better-than-expected GDP data from China lifted European shares.
Gross domestic product grew 4.5 percent on a yearly basis in the first quarter, stronger than the 2.9 percent expansion registered in the fourth quarter of 2022. The rate was expected to improve to 4.0 percent.
Retail sales jumped by 10.6 percent in March, beating forecasts of 7.4 percent.
The benchmark yield on the 10-year note fell to 3.56 percent. Yields move inversely to bond prices.
The dollar index that tracks the greenback against a basket of other currencies fell to 101.68.
The greenback dropped to 4-day lows of 0.6744 against the aussie and 0.6221 against the kiwi, from its early highs of 0.6693 and 0.6175, respectively. The greenback is seen finding support around 0.69 against the aussie and 0.645 against the kiwi.
The greenback fell to 1.0982 against the euro and 1.3359 against the loonie, off its early highs of 1.0920 and 1.3396, respectively. The next possible support for the greenback is seen around 1.12 against the euro and 1.30 against the loonie.
The greenback was down against the pound, at a 4-day low of 1.2448. If the greenback drops further, it may find support around the 1.27 area.
The greenback edged down to 0.8955 against the franc and 133.87 against the yen, reversing from an early high of 0.8987 and a multi-week high of 134.70, respectively. The greenback may face support around 0.87 against the franc and 130.00 against the yen.
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