Shutterstock photo
Markets

Forex - Dollar broadly lower vs. rivals as risk appetite recovers

Shutterstock photo

Shutterstock photo

Forexpros - The U.S. dollar stayed broadly lower against its major counterparts on Monday, as demand for higher yielding assets was supported after Friday's speech by Federal Reserve Chairman Ben Bernanke.

During European afternoon trade, the greenback was almost unchanged against the euro, with EUR/USD dipping 0.01% to hit 1.4496.

The euro was pressured lower ahead of a meeting later Monday of the European Parliament's economics committee to discuss the ongoing debt crisis in the single currency bloc.

But the greenback was lower against the pound, with GBP/USD easing up 0.09% to hit 1.6383.

At the Fed's annual gathering on Friday, Bernanke said that the U.S. economy was recovering and the Fed still had a "range of tools" it could use to bolster growth.

Elsewhere, the greenback was lower against the yen but strengthened against the Swiss franc, with USD/JPY dipping 0.02% to hit 76.64 and USD/CHF jumping 1.23% to hit 0.8160.

The franc weakened after Swiss lender UBS announced Friday that it may begin to charge client banks a fee on deposits, in an attempt to discourage clients from using accounts to hoard the safe haven currency.

Elsewhere, in Japan, Finance Minister Yoshihiko Noda was elected head of the country's ruling DPJ party earlier; all but guaranteeing that he will become the country's next prime minister.

Meanwhile, the greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD shedding 0.48% to hit 0.9769, AUD/USD gaining 0.42% to hit 1.0618 and NZD/USD adding 0.61% to hit 0.8447.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slipped 0.02% to hit 73.75.

Later in the day, the U.S. was to release official data on personal income and consumer prices as well as industry data on pending home sales.

Forex News

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.

Other Topics

ForEx

Latest Markets Videos