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Name Symbol Market Type
United States Dollar vs Canadian Dollar FX:USDCAD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.000655 -0.05% 1.34848 1.34837 1.34859 1.34955 1.34848 1.34907 0 00:14:05

U.S. Dollar Lower On Prospects Of Slower Fed Rate Hikes

28/07/2022 3:42am

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The U.S. dollar weakened against its major counterparts in the Asian session on Thursday, as investors lowered their expectations over aggressive rate hikes from the U.S. Federal Reserve in the period ahead.

The Fed on Wednesday raised rates by 75 basis points and Chair Jerome Powell hinted at a slower interest rate hike in the coming months.

Markets are pricing in a rate hike of 50 basis points at the central bank's meeting in September.

The dollar index dropped 0.6 percent overnight and has touched a 6-day low of 106.18 today morning.

Asian markets are mostly higher as Powell's remarks helped ease concerns over an acceleration in rate hikes in the future.

The greenback declined to 135.10 against the yen, its lowest level since July 6. If the greenback drops further, 128.00 is possibly seen as its next support level.

The greenback fell 0.04 percent to more than a 3-week low of 0.9572 versus the franc. The greenback is seen finding support around the 0.93 level.

Against the euro, the greenback was down by 0.3 percent at a 2-day low of 1.0226. Next key support for the greenback is seen around the 1.07 level.

The greenback lost 0.1 percent against the pound, touching a session's low of 1.2186. Further fall in the greenback may face support around the 1.26 area.

The greenback hit a 2-day low of 0.6279 against the kiwi, down by 0.2 percent for the day. The greenback may challenge support around the 0.64 level.

The greenback was trading at 0.7006 against the aussie and 1.2808 against the loonie, losing 0.2 and 0.05 percent, respectively. The currency is likely to face support around 0.72 against the aussie and 1.26 against the loonie.

Looking ahead, Eurozone economic confidence index for July is due in the European session.

At 8:00 am ET, German preliminary CPI for July is scheduled for release.

U.S. weekly jobless claims for the week ended July 23 and advance GDP data for the second quarter will be out in the New York session.

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1 Year US Dollar vs CAD Chart

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1 Month US Dollar vs CAD Chart
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