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Forex - Dollar gains modestly in subdued holiday trade

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Forex Pros - The U.S. dollar made modest gains against its major counterparts in subdued holiday trade on Monday, as ongoing concerns over Greek sovereign debt saw the euro come under broad selling pressure.

During European late afternoon trade, the greenback was up against the euro, with EUR/USD shedding 0.34% to hit 1.4270.

Over the weekend, German weekly magazine Der Spiegel fanned fears that Greece might not receive the next tranche of its European Union /International Monetary Fund bailout aid, saying Athens might have missed all fiscal targets set by its lenders.

Greece and the IMF denied the report and EU officials said they were working on a second bailout package that would avert a potential Greek default.

The greenback was also higher against the pound, with GBP/USD shedding 0.29% to hit 1.6457.

In addition, the greenback was up against the yen and the Swiss franc with USD/JPY edging up 0.11% to hit 80.88 and USD/CHF rising 0.32% to hit 0.8518.

The greenback was also higher against its Canadian, Australian and New Zealand cousins, with USD/CAD gaining 0.10% to hit 0.9771, AUD/USD slipping 0.17% to hit 1.0685 and NZD/USD shedding 0.23% to hit 0.8171.

Earlier in the day, government data showed that Canada's first-quarter economic growth accelerated to the fastest pace in a year.

Also Monday, official data showed that New Zealand's trade surplus widened twice as much as economists expected to a record in April.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, eased up 0.13%.

Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were closed for Memorial Day.

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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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