The U.S. dollar was lower against its major rivals in the European session on Wednesday, as traders await the Jackson Hole Symposium for more clues on the Federal Reserve’s policy outlook.
The conference, which begins on Thursday, will focus on the topic “macroeconomic policy in an uneven economy.”
Fed Chair Jerome Powell will deliver a speech on Friday, which is expected to offer a timeline for tapering of the asset purchase program.
Risks from the delta virus variant have fueled doubts about whether a delay of QE taper is on the cards.
The greenback dropped to 1.1759 against the euro, from a high of 1.1732 seen at 2:55 am ET. If the dollar slides further, 1.20 is possibly seen as its next support level.
After a rise to 1.3707 at 3 am ET, the greenback edged down to 1.3743 against the pound. The greenback is seen finding support around the 1.41 level.
The greenback pulled back from an early 2-day high of 0.9153 against the franc, with the pair trading at 0.9138. On the downside, 0.90 is possibly seen as its next support level.
The greenback hit 0.6967 against the kiwi, its lowest level since August 17. Should the greenback falls further, it may find support around the 0.71 level.
The greenback retreated to 0.7265 against the aussie and 1.2601 against the loonie, after gaining to 0.7237 and 1.2626, respectively in early trades. The currency is likely to face support around 0.75 against the aussie and 1.22 against the loonie.
In contrast, the greenback was up against the yen, at a 2-day high of 109.91. The greenback may find resistance around the 112.00 level.
Looking ahead, U.S. durable goods orders and Canada wholesale sales for July will be featured in the New York session.