Dollar Weakens Against Major Counterparts On Profit Taking, Rate Cut Bets
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(RTTNews) - The U.S. dollar drifted lower on Tuesday on expectations of a rate cut by the Federal Reserve at its upcoming meeting, and a bit of profit taking after recent gains.
Speaking at George Washington University, Christopher Waller, a key member of the Fed's Board of Governors, said that the central bank will likely reduce its key rate at the December meeting, but much depends on the incoming data.
CME Group's FedWatch Tool is currently indicating a 72.3% chance the Fed cuts rates by another 25 basis points but a 27.7% chance the central bank leaves rates unchanged.
A report from the Labor Department said job openings climbed to 7.744 million in October from a downwardly revised 7.372 million in September. Economists had expected jobless claims to rise to 7.480 million from the 7.443 million originally reported for the previous month.
Traders looked ahead to the Labor Department's monthly jobs report on Friday.
Traders also await reports on private sector employment, service sector activity and consumer sentiment as well as remarks by several Federal Reserve officials, including Fed Chair Jerome Powell.
The dollar index, which dropped to a low of 106.09, recovered to 106.33, but still remained below the flat line, losing about 0.11% from previous close.
Against the Euro, the dollar weakened to 1.0512 from 1.0499. Against Pound Sterling, the dollar was down at 1.2674.
The dollar weakened against Japanese currency to 148.65 yen in early New York session, but recovered gradually and was down just marginally at 149.58 yen a unit a little while ago.
Against the Aussie, the dollar traded at 0.6485, compared to 0.6477 a unit of the Australian currency on Monday. The dollar declined marginally against Swiss franc to CHF 0.8864. Against the Loonie, the dollar climbed to C$1.4071.
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