U.S. Dollar Drops As Stocks Advance

RTTNews | 28 days ago
U.S. Dollar Drops As Stocks Advance

(RTTNews) - The U.S. dollar weakened against its major counterparts in the New York session on Friday, as U.S. stocks edged higher after falling in the previous session.

Federal Reserve Governor Christopher Waller said that there has been a lot of debate among policymakers regarding the possible recent increase in the real policy interest rate, which is neither stimulating nor restricting economic activity.

Waller added that the factors drove down the real policy interest rate over the past 40 years may change.

Robust U.S. economic data and hawkish comments from Atlanta Fed President Raphael Bostic on Thursday bolstered prospects of interest rates staying higher for longer.

On the economic front, data from the Commerce Department showed that U.S. durable goods orders unexpectedly increased in the month of April, although the growth came following a significantly downwardly revised jump in March.

The report said durable goods orders climbed by 0.7 percent in April following a downwardly revised 0.8 percent advance in March.

Economist had expected durable goods orders to decrease by 0.8 percent compared to the 2.6 percent surge originally reported for the previous month.

The greenback eased to 1.0856 against the euro and 0.9135 against the franc, from an early high of 1.0805 and a 2-day high of 0.9158, respectively. The greenback is seen finding support around 1.10 against the euro and 0.89 against the franc.

The greenback pulled back against the yen and was trading at 156.83. On the downside, 147.00 is likely seen as its next support level.

The greenback dropped to a 2-day low of 1.2750 against the pound, down from an early 1-week high of 1.2674. If the currency falls further, it is likely to test support around the 1.29 region.

The greenback weakened to 1.3658 against the loonie, 0.6634 against the aussie and 0.6123 against the kiwi, reversing from an early high of 1.3738, 10-day high of 0.6592 and a 2-day high of 0.6087, respectively. The currency may locate support around 1.33 against the loonie, 0.68 against the aussie and 0.63 against the kiwi.

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