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Forex - Dollar broadly lower vs. rivals as euro regains ground

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Forex Pros - The U.S. dollar was broadly lower against its major counterparts on Monday, as the euro strengthened and risk appetite recovered after remarks by German Chancellor Angela Merkel.

During early U.S. trading hours, the greenback was down against the euro, with EUR/USD advancing 0.68% to hit 1.4214.

Chancellor Merkel earlier said that restructuring Greece's debt would be "incredibly damaging" to the euro zone's credibility. The country is struggling to meet the terms of a EUR110 billion European Union/International Monetary Fund bailout granted last year.

The greenback was also lower against the pound, with GBP/USD rising 0.14% to hit 1.6218.

Earlier in the day, a report by U.K. property website Rightmove showed that U.K. house prices rose to an almost three-year high in May.

Meanwhile, the greenback edged higher against the yen but tumbled against the Swiss franc with USD/JPY gaining 0.13% to hit 80.89 and USD/CHF dropping 0.98% to hit 0.8838.

Elsewhere, the greenback was higher against its Canadian and New Zealand counterparts but fell against its Australian cousin, with USD/CAD climbing 0.39% to hit 0.9723, NZD/USD falling 0.63% to hit 0.7821 and AUD/USD rising 0.38% to hit 1.0613.

Earlier in the day, Statistics Canada said that manufacturing sales rose by a seasonally adjusted 1.9% in March, surpassing expectations for a 1.6% gain.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.50%.

Elsewhere Monday, the Federal Reserve Bank of New York said that its index of manufacturing conditions tumbled to 11.9 in May, far outstripping expectations for a decline to 19.6.

"The change was driven by a decline in the share of businesses reporting that conditions improved over the month, from 35% in April to 23% in May," the report said.

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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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