Dollar Down as U.S. Consumer Confidence Falls, Trims Fed Taper Bets By Investing.com

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© Reuters.

By Gina Lee

Investing.com – The dollar was down on Monday morning in Asia, remaining near a one-week low. The U.S. currency slumped the most in almost seven weeks on Friday, after a sharp fall in U.S. consumer confidence lessened the likelihood of a tighter U.S. Federal Reserve monetary policy.

The that tracks the greenback against a basket of other currencies inched down 0.02% to 92.498 by 10:45 PM ET (2:45 AM GMT).

The pair edged down 0.19% to 109.36.

The pair was down 0.22% to 0.7352, with the Reserve Bank of Australia due to on Tuesday. The pair inched down 0.02% to 0.7036, with the Reserve Bank of New Zealand due to on Wednesday.

The pair inched up 0.01% to 6.4773. China’s rose a 6.4% year-on-year in July, while also disappointed, growing 8.5% year-on-year in the same month.

The pair inched up 0.02% to 1.3866.

Investors digested U.S. economic data from the previous week that said consumer sentiment dropped to its lowest levels since 2011. The for August was 65.2, while the was 70.2.

“Does the survey signal an imminent turn in the U.S. economy? We doubt it given vaccine efficacy remains high and the hit to sentiment likely means more people will get vaccinated… instead, the Delta surge in the U.S. is more a case of delay rather than derail as far as the recovery is concerned,” National Australia Bank (OTC:) analyst Tapas Strickland said in a note.

Further U.S. data, including and , will be released on Tuesday.

Investors also await the Fed’s next move on asset tapering and interest rate hikes. Fed Chairman will speak at a virtual town hall meeting with educators and students on Tuesday, with the to be released a day later. Later in the month, the central bank will also hold its annual conference in Jackson Hole, Wyoming.

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