Dollar Drifts Lower Against Major Counterparts Ahead Of Key Economic Data
(RTTNews) - The U.S. dollar drifted lower against its major counterparts on Monday, ahead of some crucial economic data, including a report on U.S. personal income & spending that includes readings on inflation said to be preferred by the Federal Reserve.
U.S. reports on new home sales, consumer confidence, durable goods orders and pending home sales may also garner investor attention following recent signs that the world's largest economy may be slowing without falling into recession.
The final GDP data for the first quarter of 2024 is due out Thursday and an upbeat report could put pressure on the Fed to tighten rates further.
Prominent Fed officials speaking this week include San Francisco Fed President Mary Daly and Fed Governors Lisa Cook and Michelle Bowman.
Geopolitically, the focus will be on the first U.S. presidential debate and the beginning of the French election campaign. Joe Biden will face off Donald Trump in the first U.S. presidential debate on June 27.
The dollar index dropped to 105.37 around mid morning, before recovering to 105.48, but still remained in negative territory, losing 0.29%.
Against the Euro, the dollar weakened to 1.0737, giving up about 0.4%. The dollar eased to 1.2687 against Pound Sterling, after closing at 1.2645 on Friday.
The dollar dropped to 159.62 yen following an alert about possible government intervention to support the Japanese currency.
Against the Aussie, the dollar weakened to 0.6657. The Swiss franc firmed to 0.8929 against the greenback, while the Loonie strengthened to 1.3659 a unit of U.S. dollar.
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