Investing.com - The dollar edged lower against the euro on
Monday as the single currency steadied following steep losses in
the previous two sessions, while the yen was weaker against the
euro and the dollar.
EUR/USD was last trading at 1.3761, not far from the one-month
trough of 1.3744 reached late Friday.
The euro fell to one-month lows against the dollar on Friday,
one day after ECB President Mario Draghi said the bank is
"comfortable" with acting to shore up growth and stop inflation
from falling too low at its next meeting in June.
On Monday, ECB Vice President Vitor Constancio said the medium
term inflation outlook will be the main criteria the bank considers
when it decides whether to implement fresh policy measures.
He said the ECB was considering a wide range of policy options
but stopped short of indicating what the bank may decide.
He also said the ECB cannot ignore the strength of the euro but
added that the exchange rate is not a policy target.
Elsewhere Monday, International Monetary Fund head Christine
Lagarde renewed calls for more stimulus from the ECB, warning that
persistently low inflation rates posed a serious threat to the
The euro gained ground against the yen, with EUR/JPY up 0.29% to
140.48, up from Friday's two-month lows of 139.87.
The dollar also moved higher against the yen, with USD/JPY
advancing 0.24% to 102.09, pulling back from the three-week trough
of 101.42 hit last week.
The pound was trading close to recent multi-year highs against
the dollar, with GBP/USD up 0.20% to 1.6883, holding below last
week's peaks of 1.6993.
Demand for sterling continued to be underpinned by expectations
for a U.K. rate hike in the early part of next year after a recent
series of strong economic data indicated that the recovery is
Elsewhere, USD/CHF rose to fresh one-month highs of 0.8874. The
Swiss franc was little changed after official data on Monday showed
that Swiss retail sales jumped 3.0% from a year earlier in March,
ahead of expectations for a 2.3% increase.
The Australian and New Zealand dollars were steady, with AUD/USD
at 0.9364 and NZD/USD trading at 0.8614. Meanwhile, USD/CAD edged
down 0.06% to 1.0890.
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was almost
unchanged for the day at 79.91.
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