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U.S. Dollar Slides Amid U.S. Tariff Uncertainty
(RTTNews) - The U.S. dollar weakened against other major currencies in the European session on Tuesday, due to fiscal and economic concerns amid uncertainties about U.S. tariffs.
Investors watched the latest developments on the trade front and reacted to widely expected rate cuts in China to stimulate consumption and loan growth.
On Friday, Moody's cut the US credit rating to Aa1 from Aaa. This decision redirected financial market investors' attention to the growing $36 trillion U.S. government debt pile and fiscal imbalances, which would result in a long-term increase in the cost of capital for the U.S. administration.
In the European trading today, the U.S. dollar fell to nearly a 2-week low of 144.09 against the yen, from an early 4-day high of 145.51. The greenback is likely to find support around the 140.00 region.
The greenback slipped to nearly a 2-week low of 0.8310 against the Swiss franc, from an early high of 0.8363. If the greenback extends its downtrend, it is likely to find support around the 0.86 region.
Against the euro and the pound, the greenback edged low of 1.1278 and 1.3395 from early highs of 1.1218 and 1.3345, respectively. If the greenback extends its downtrend, it is likely to find support around 1.14 against the euro and 1.35 against the pound.
Looking ahead, Canada CPI data for April, U.S. Redbook report and U.S. flash consumer confidence for May, are slated for release in the New York session.
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