Dollar Stays Subdued Against Peers

0 17

The U.S. dollar saw a choppy session against its peers on Monday, after having drifted down sharply on Thursday following the Federal Reserve announcing a massive $2.3 trillion stimulus plan to support the economy amid the coronavirus pandemic.

With no fresh economic data to provide any directional clues, and reports showing a surge in virus inflections and deaths in the U.S. suggesting further relief measures from the central bank, the dollar struggled to find support today.

Also, volume of business was thin as markets in Europe were closed for Easter holiday.

The dollar index dropped to a low of 99.14 in Asian trades, and despite rallying to 99.63 later on in the day, eased subsequently and was last seen at 99.47, down slightly from previous close.

Against the Euro, the dollar was weaker by about 0.2% at $1.0914, after having recovered to $1.0893 from a low of $1.0969 touched in the Asian session.

The pound sterling was stronger by more than 0.5% at $1.2511, and the Yen was up 0.6% at 107.72 a dollar.

Against the Aussie the dollar was quite weak with the pair trading at 0.6390 by late afternoon.

The dollar was weak against the loonie, dropping to C$1.3895, while against Swiss franc it was up 0.13% with a unit of dollar fetching 0.9675 franc.

Leave A Reply

Your email address will not be published.