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Forex - Dollar broadly lower vs. rivals in subdued trade

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Forexpros - The U.S. dollar was broadly lower against its major counterparts in subdued trade on Monday, amid concerns that the U.S. economy may require further stimulus by the Federal Reserve.

During European afternoon trade, the greenback was lower against the euro, with EUR/USD rising 0.16% to hit 1.4417.

The single currency remained under pressure after German Chancellor Angela Merkel reiterated her opposition to calls for the euro zone to issue joint euro-denominated bonds as a way for indebted euro zone states to borrow.

Elsewhere, the greenback was higher against both the yen and the Swiss franc, with USD/JPY rising 0.28% to hit 76.76 and USD/CHF gaining 0.18% to hit 0.7867.

Earlier in the day, Japan's finance minister Yoshihiko Noda warned that the country would take decisive action against any speculative moves, saying "We won't rule out any measures and will take decisive action when necessary."

Meanwhile, Swiss daily newspaper SonntagsZeitung reported that the Swiss Cabinet expects the Swiss National Bank to set an exchange-rate target of at least 1.2 francs per euro, without identifying a source for the information.

But the greenback slipped against the pound, with GBP/USD climbing 0.23% to hit 1.6504.

In addition, the greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD shedding 0.52% to hit 0.9845, AUD/USD rising 0.51% to hit 1.0457 and NZD/USD rallying 0.96% to hit 0.8259.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slid 0.10% to hit 73.97.

Later in the day, the U.S. was to publish a report on mortgage delinquencies.

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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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