Dollar Drifts Lower Against Major Counterparts
(RTTNews) - The U.S. dollar traded weak against most of its major counterparts on Monday with traders assessing the policy outlook of global central banks, and closely following the political situation in Russia.
With the economic calendar for the day very light, traders looked ahead to crucial reports due later in the week.
In the coming days, traders are likely to keep a close eye on reports on durable goods orders, consumer confidence, new home sales and pending home sales.
The Commerce Department is also due to release its report on personal income and spending in the month of May, which includes a reading on inflation said to be preferred by the Federal Reserve.
The consumer price inflation data could significantly impact opinions regarding whether the Fed will follow through on its forecast interest rate hikes.
The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas rose to -23.2 in June of 2023, the highest in three months.
The dollar index, which dropped to 102.61 in early New York session, edged up to 102.78, trimming its loss to around 0.12%.
Against the Euro, the dollar weakened to 1.0906 from 1.0895. The dollar is flat at 1.2713 against Pound Sterling, after having weakened to 1.2750 in the Asian session.
Against the Japanese currency, the dollar is weak, fetching 143.50 yen a unit, after settling at 143.73 yen on Friday.
The dollar is up marginally against the Aussie at 0.6673. Against Swiss franc, the dollar is down at CHF 0.8957. The Loonie is up at C$1.3158 a dollar, as oil prices climbed higher.
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