U.S. Dollar Slides As European Shares Traded Higher

The U.S. dollar weakened against other major currencies in the European session on Thursday as the European stock markets traded higher, after U.S. chipmaker Nvidia said its revenue more than tripled, and profits rose nine-fold.

The A.I. chip maker also projected that its revenue would more than triple again, driven by robust demand for its specialized and costly semiconductors.

In the Asian trading today, the U.S. dollar held steady against the euro, the pound and the Swiss franc, while the greenback rose against the yen.

In the European trading now, the U.S. dollar fell to nearly a 3-week lows of 1.0888 against the euro and 1.2710 against the pound, from early highs of 1.0819 and 1.2631, respectively. If the greenback extends its downtrend, it is likely to find support around 1.10 against the euro and 1.28 against the pound.

The greenback dropped to near 2-week low of 0.8743 against the Swiss franc, from an early high of 0.8795. On the downside, 0.85 is seen as the next support level for the greenback.

Moving away from an early 6-day high of 150.47 against the yen, the greenback edged down to 150.01. The greenback may test support near the 146.00 region.

Against Australia, the New Zealand and the Canadian dollars, the greenback slid to nearly a 3-week low of 0.6596, a 5-week low of 0.6219 and a 9-day low of 1.3441 from early highs of 0.6542, 0.6177 and 1.3498, respectively. The next possible downside target for the greenback is seen around 0.67 against the aussie, 0.63 against the kiwi and 1.33 against the loonie.

Looking ahead, U.K. PMI reports for February and Eurozone CPI for January are slated for release in the European session.

In the New York session, Canada retail sales data for December, U.S. weekly jobless claims U.S. existing home sales data for January and U.S. EIA crude oil data are set to be published.

At 7:30 am ET, the European Central Bank is scheduled to issue the account of the monetary policy meeting of the governing council held on January 24 and 25.

At 10:00 am ET, Federal Reserve Vice Chair Philip Jefferson will deliver a speech on the U.S. economic outlook and monetary policy before a Peterson Institute for International Economics webcast, in Washington D.C., U.S.

At 3:15 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker will speak on the economic outlook before an event hosted by the University of Delaware Center for Economic Education, in Newark, Delaware, U.S.