CANBERA (dpa-AFX) - The U.S. dollar weakened against other major currencies in the European session on Tuesday, as European shares traded higher on a strong note after the office of Israeli Prime Minister Benjamin Netanyahu and Iranian state media outlet Press TV confirmed a ceasefire had begun.
'On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran, on having the stamina, courage, and intelligence to end what should be called 'THE 12-DAY WAR,' Trump wrote on Truth Social.
In economic news, German business morale improved more than expected in June amid improvement in companies' future prospects, a survey showed. The Ifo institute's business climate index rose to 88.4 from 87.5 in May.
Traders focus on the Federal Reserve's (Fed) Chairman Jerome Powell's testimony to Congress at 10:00 am ET. In light of the growing number of central bank officials urging a rate cut, investors are keen to see if the Fed chief sticks to his wait-and-see approach.
In the European trading today, the U.S. dollar fell to near 2-week lows of 1.1626 against the euro, 1.3627 against the pound and 0.8082 against the Swiss franc, from early highs of 1.1580, 1.3535 and 0.8132, respectively. If the greenback extends its downtrend, it is likely to find support around 1.17 against the euro, 1.37 against the pound and 0.79 against the franc.
Against the Australia and the New Zealand dollars, the greenback slid to 6-day lows of 0.6516 and 0.6040 from early highs of 0.6471 and 0.5989, respectively. On the downside, 0.66 against the aussie and 0.61 against the kiwi are seen as the next support levels for the greenback.
The greenback dropped to a 5-day low of 144.85 against the yen and a 4-day low of 1.3708 against the Canadian dollar, from early highs of 145.94 and 1.3735, respectively. The next possible downside targets for the greenback are seen around 143.00 against the yen and 1.35 against the loonie.
Looking ahead, U.S. house price index for April, U.S. Consumer Board's consumer confidence for June and U.S. Richmond Fed manufacturing index for June are set to be published in the New York session.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
