2023.12.2606:27:00UTC+00U.S. Dollar Slides Against Majors

The U.S. dollar weakened against other major currencies in the Asian session on Tuesday, as traders remain cautious and do not want to hold on to any significant positions during the holiday ridden final week of the year.

Global markets are closed for a long Christmas holiday weekend.

In the Asian trading today, the U.S. dollar fell to 4-day lows of 1.1029 against the euro and 142.09 against the yen, from yesterday's closing quotes of 1.1007 and 142.34, respectively. The greenback may test support near 1.11 against the euro and 140.00 against the yen.

Moving away from an early high of 0.8568 against the Swiss franc, the greenback slipped to a 4-day low of 0.8550. On the downside, 0.84 is seen as the next support level for the greenback.

The greenback edged down to 1.2714 against the pound, from yesterday's closing value of 1.2689. The next possible downside target for the greenback is seen around the 1.28 region.

Against the Australia and the New Zealand dollars, the greenback slid to a 4-day low of 0.6816 and more than a 5-1/2-month low of 0.6324 from Monday's closing quotes of 0.6796 and 0.6305, respectively. If the greenback extends its downtrend, it is likely to find support around 0.69 against the aussie and 0.64 against the kiwi.

Moving away from an early high of 1.3262 against the Canadian dollar, the greenback edged down to 1.3251. The greenback is likely to find its downside target around the 1.31 region.

Looking ahead, U.S. house price index for October, U.S. Dallas Fed manufacturing business index for December and U.S. Chicago Fed National Activity data for November are slated for release in the New York session.

Some European and Canadian markets remain closed for Boxing day holiday.