Greenback pauses after biggest weekly ascend for 2017

Greenback pauses after biggest weekly ascend for 2017

On Monday, the evergreen buck declined after its biggest weekly ascend in 2017 because market participants took profits before a major bank decision this week where financial markets are waiting to find out whether sound economic data will bolster a more hawkish stance or not.

Net short bets on the US currency dived to their smallest value in almost three months – approximately $8 billion, which is half of what they were the previous month, as follows from calculations by Reuters as well as Commodity Futures Trading Commission data published last week.

Market sentiment towards the US currency has faced a considerable shift for recent weeks due to strong data as well as hopes about the appointment of a fresh hawkish-leaning Fed Chair.

The dollar index, assessing the greenback versus a basket of six key counterparts, sank 0.2% being worth 94.70, although stood not far from Friday's three-month maximum of 95.150.

Meanwhile, the common currency soared 0.20% reaching $1.1632 reacting to a sag in Spain's borrowing costs.

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