Dollar Continues To Drift Lower
(RTTNews) - The U.S. dollar tumbled and shed ground against its major counterparts on Tuesday, extending recent weakness, as weaker than expected economic data raised hopes the Fed will be less hawkish in its monetary policy stance at its upcoming meetings.
U.S. Treasury yields dropped after weaker than expected batch of economic data. Australia's central bank surprised investors with a smaller-than-expected interest rate hike.
Data showed the number of job openings in the US dropped to 10.1 million in August of 2022, the lowest since June 2021 from a downwardly revised 11.2 million in July and a record level of 11.9 million in March. Economists had expected job openings to come in at 10.775 million.
A seperate data showed new orders for US manufactured goods were flat in August of 2022, after a 1% decrease in July. Orders for durable goods dropped 0.2%. On the other hand, orders for non-durable goods were up 0.2%, rebounding from a 1.9% drop.
Traders now look ahead to U.S. non-farm payrolls data due on Friday, for clues about the central bank's rate hike path.
The dollar index dropped to 110.06 and was last seen at 110.17, down 1.41 percent from the previous close.
Against the Euro, the dollar settled at $0.9987, weakening from around $0.9825.
The dollar fell to 1.1475 against Pound Sterling from 1.1321.
Against the Japanese currency, the dollar eased to 144.14 yen from 144.52 on Monday.
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