U.S. Dollar Falls Amid Risk Appetite

(RTTNews) - The U.S. dollar dropped against its most major counterparts in the European session on Monday, as market participants awaited the Jackson Hole Symposium due later this week for more clues about the economy and rate outlook.

Federal Reserve chairman Jerome Powell is scheduled to speak at the gathering of central bankers in Jackson Hole on Friday.

Powell's comments will be closely scrutinized for signals on the central bank's interest rate plans in the near future.

Meanwhile, the People's Bank of China lowered its one-year loans prime rate by 10 basis points to a record low of 3.45 percent, but kept the five-year loan prime rate unchanged at 4.2 percent.

The PBoC was expected to cut both the rates by 15 basis points today after the one-year medium-term lending facility rate was reduced by a similar pace last week.

The greenback declined to 1.0913 against the euro and 1.3496 against the loonie, setting 4-day lows. The greenback is likely to challenge support around 1.12 against the euro and 1.32 against the loonie.

Against the franc and the pound, the greenback fell to 0.8787 and 1.2764, respectively. The greenback may face support around 0.86 against the franc and 1.30 against the pound.

The greenback retreated to 0.6421 against the aussie and 0.5928 against the kiwi, from an early high of 0.6392 and a 4-day high of 0.5905, respectively. The greenback is seen finding support around 0.66 against the aussie and 0.61 against the kiwi.

In contrast, the greenback advanced against the yen, reaching a 4-day high of 145.97. Next key resistance for the currency may be located around the 148.00 level.