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Forex - Dollar mixed ahead of another EU summit

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Investing.com - The U.S. dollar is mixed against its major rivals in Monday's Asian session as traders digest last week's U.S. jobs report and look forward to another European Union summit later this week.

In Asian trading Monday, EUR/USD fell 0.03% to 1.2993. On March 14 and 15, EU policymakers are set to meet in Brussels to discuss the terms of a financial aid package for ailing Cyprus. At issue is the heavy presence of Russian investors on the island and the potential that any aid package could eclipse the EUR18 billion Cyprus economy. A bailout for Cyprus would be the fifth of an EU member state since 2009.

USD/JPY continued its uptrend, rising 0.08% to 96.13. Last Friday, USD/JPY touched a session high of 96.56, the highest level since August 2009, before settling at 96.04, 1.27% higher for the day and up 2.73% for the week.

Later today, Japan publishes official data on core machinery orders and on Tuesday minutes from the latest Bank of Japan monetary policy meeting, which concluded last week, will be published.

GBP/USD rose 0.01% to 1.4915, though sterling has recently been in a pronounced downtrend against the greenback. Last week, the Bank of England opted to leave interest rates on hold at a record low 0.5% and keep the size of its asset purchase program unchanged at GBP375 billion.

USD/CHF inched higher by 0.02% to 0.9520 while USD/CAD fell 0.06% to 1.0283 despite slightly weaker oil prices.

After finishing at a three-day low on Friday, AUD/USD is extending those losses today by trading down 0.17% to 1.0220. The Aussie is under pressure today following the release of some economic data news out of China, Australia's largest trading partner, over the weekend.

Official data released over the weekend showed that consumer prices in China rose 3.2% in February from a year earlier, above expectations for a 3% increase and accelerating sharply from a 2% rate of increase in January.

Separate reports showed that industrial production rose 9.9% in February, less than the expected 10.5% increase and following a 10.3% rise the previous month.

Elsewhere, NZD/USD rose 0.04% to 0.8218 while the U.S. Dollar Index rose 0.05% to 83.06.

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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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