Yahoo Finance Dollar Holds Onto Modest Gains Vs. Rivals
Investing.com - The U.S. dollar held onto modest gains against other major currencies on Monday, but gains were expected to remain limited amid concerns over the U.S. administration's currency policy.
The dollar found some support after Friday’s U.S. GDP data showed that domestic consumption and capital spending remained strong even though the headline figure was weaker than expected due to a rise in imports.
But sentiment on the greenbacl remained fragile after U.S. Treasury Secretary Steven Mnuchin said last week that a weaker dollar was positive for American trade.
President Donald Trump contradicted Mnuchin's position by defedning the need for a strong currency, but traders fear the White House may use currency policy as a tool to get better trade deals with other countries.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.18% at 89.03 by 05:15 a.m. ET (19:15 GMT), not far from last Thursday's three-year low of 88.25.
EUR/USD was down 0.10% at 1.2412, off last Thursday's more than three-year peak of 1.2537, while GBP/USD declined 0.37% to 1.4107.
The yen and the Swiss franc were lower, with USD/JPY up 0.20% at 108.78 and with USD/CHF gaining 0.47% to 0.9365.
Elsewhere, the Australian and New Zealand dollars were also weaker, with AUD/USD down 0.25% at 0.8090 and with NZD/USD shedding 0.34% to 0.7323.
Meanwhile, USD/CAD advanced 0.67% to trade at 1.2354.
Related Articles
Dollar underpinned by more hawkish Fed, awaits data for more impetus
Forex - Aussie Slips In Asia After Weak Building Approvals
Forex - PBOC Sets Yuan Parity At 6.3045 Against Dollar, Strongest Since Aug 2015
