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Dollar steady as world eyes Ukraine, Gaza unrest

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Investing.com -

Investing.com - The dollar traded steady to higher against most major currencies in cautious trading on Monday with investors on the sidelines in safe-haven greenback positions monitoring events in Ukraine and Gaza.

In U.S. trading on Monday, EUR/USD was down 0.02% at 1.3523.

Concerns that tensions in Ukraine could escalate kept investors camped out in safe-haven dollar positions, especially amid reports that Ukrainian troops were moving into the rebel-held city of Donetsk only days after pro-Russian separatists allegedly shot down a Malaysian Airlines flight with a missile.

Meanwhile in the Middle East, Israel pressed on with its ground offensive in Gaza in a conflict that has killed hundreds.

Earlier Monday, U.S. President Barack Obama said he was concerned about the violence and called for a ceasefire in Gaza.

President Obama also accused pro-Russian separatists of tampering with evidence pointing to the cause for the Malaysian Airlines crash, adding that the burden lies on Russia to find and disclose that evidence.

The euro, meanwhile, continued to soften due to ongoing market sentiments that the European Central Bank has room to loosen policy while the Federal Reserve will continue to wind down stimulus tools this year and hike interest rates in 2015, possibly sooner than once anticipated if the labor market continues to improve.

Trading was quiet due to a lack of U.S. data as well as Japanese markets remaining closed on holiday.

The dollar was up against the yen, with USD/JPY up 0.06% at 101.39, and flat against the Swiss franc, with USD/CHF down 0.01% at 0.8981.

The greenback was up against the pound, with GBP/USD down 0.08% at 1.7074.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.02% at 1.0734, AUD/USD down 0.15% at 0.9378 and NZD/USD up 0.03% at 0.8690.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.03% at 80.62.

On Tuesday, the U.S. is to release reports on consumer price inflation and existing home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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