Greenback starts trading week on back foot

Greenback starts trading week on back foot

On Monday, the major American currency started the trading week on the back foot because some lackluster US data along with comments from Fed officials gave traders few catalysts to build on their greenback exposure.

The dollar index, estimating the greenback against a basket of six main counterparts, was almost intact, sticking to 100.390. The previous week it hit a minimum of 98.858, its weakest outcome since November 11.

Financial analysts stress that the previous week the greenback gained some support from month-end buying and came off its minimums, though overall its heaviness is still intact.

This week, market participants are awaiting Friday's non-farm payrolls report, while a worse-than-expected outcome would push the greenback down more than a better-than-expected result would push it up.

The common currency gained 0.2%, reaching $1.0676, while staying not far above Friday's minimum of $1.0649, its weakest value since March 15.

 

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