The US dollar fell against major currencies on Monday, following Asian stock prices stabilizing after last week’s sell-off, which resulted in weak market demand for the US dollar.<\/p>\n
Although US stocks closed higher in crude for trading last week, they still recorded their worst weekly start in two years, which caused fears of rapid inflation. The US dollar received some support on Friday after the US Congress approved a new two-year budget, which called on the government to temporarily close its activities when the deadline exceeded midnight to approve the US budget deal. The agreement aims to increase federal spending to $300 billion and suspend the debt ceiling for a year.<\/p>\n
The dollar index, which measures the strength of the greenback against a basket of other major currencies, dropped by 0.11%, trading at 90.13 points. Earlier last week, the index was up in Daulat by 1.45%. The dollar fell against the Japanese yen, as investors tend to buy the Japanese currency as a safe haven, especially in times of turmoil as it is supported by Japan’s current account surplus. USD\/JPY dropped 0.24% to trade at 108.53 Yen per USD. This remains above the level of 108.03 yen to the dollar, the lowest level in 4 months, reached on Friday.<\/p>\n
The pound also rebounded against the US dollar after losses on Friday, following warnings from European Union negotiator Michel Barnier about a transitional deal that is due to be completed after Britain leaves the European Union. On Monday’s trading session, the GBP \/ USD pair has not changed significantly, trading at $1.3833.<\/p>\n
The euro also rose against the dollar today, leading to a recovery in stock markets to stop the strong bullish trend of the US currency. The euro rose 0.2% against the dollar, to trade at $1.2275 per euro. The euro hit its worst weekly performance since November 2016 in last week’s trading.<\/p>\n
The Australian dollar rose slightly against the dollar as the AUD \/ USD was up by 0.10%, to trade at $0.7823 per Australian dollar, while the New Zealand dollar was down 0.17% to hit 0.7245. At the same time, the greenback was down against the greenback by 0.09% and the pair traded at $1.2568.<\/p>\n
Investors are looking for US inflation data to be released on Wednesday. A stronger-than-expected reading is expected to shock markets again against the USD.<\/p>\n","protected":false},"excerpt":{"rendered":"
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