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Forex - Dollar little changed in subdued trade

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Investing.com -

Investing.com - The dollar held steady against most of the other major currencies in subdued trade on Monday, as indications that geopolitical tensions are easing continued to lend some support to market sentiment.

USD/JPY edged up 0.09% to 102.11, holding well above Friday's two-week lows of 101.50.

The dollar fell against the yen on Friday after the U.S. launched airstrikes in Iraq and tensions between Russia and Ukraine mounted.

Market sentiment recovered on Monday following reports Russia ended military exercises it was holding close to the border with Ukraine, but investors were continuing to monitor developments in the region closely.

News of a fresh 72-hour ceasefire between Israel and Hamas in Gaza which came into effect on Sunday also eased concerns over geopolitical instability in the Middle East.

The euro remained lower against the dollar, with EUR/USD down 0.14% to 1.3392.

Concerns over the divergence on monetary policy between the European Central Bank and its major peers continued to pressure the single currency lower.

The dollar held steady against the pound and the Swiss franc, with GBP/USD easing up 0.06% to 1.6783 and with USD/CHF adding 0.07% to 0.9061.

The Swissy showed little reactions after data on Monday showed that Swiss retail sales jumped 3.4% in June from a year earlier, easily outstripping expectations for sales growth of 0.3%.

The commodity linked dollars were mixed, with AUD/USD down 0.15% at 0.9263, NZD/USD dipping 0.04% to 0.8459 and USD/CAD slipping 0.10% to 1.0962.

The Canadian dollar remained under pressure after data on Friday showed that the country's economy added far fewer jobs than expected in July.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, inched up 0.06% to 81.51.

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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.

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