Economic news

U.S. dollar loses ground, rivals reap benefit

The Australian dollar touched its two-week record and was able to recover against the U.S. dollar on Monday on concerns over U.S. economy and expectations regarding a favorable outcome of the Federal Reserve this week came the dollar to a deadlock.

Therefore, the euro was in positive territory, having added 0.24 percent to $1,135, as the Australian dollar, which rose by 0.21 percent to $0.71 on Monday, 10.22 GMT.

Market participants expect the Federal Reserve to set the dovish tone during the meeting, which is planned for this week and bets for rate cuts have grown amid a weaker-than-expected U.S. production report on Friday. The yield on U.S. bonds fell, reaching 10-week lows.

dollar slips, rest grows 1803Photo: Pixabay

The U.S. dollar traded at 96.43, having fallen by 0.11 percent against 6 major currencies. The New Zealand and Canadian rivals showed good results, having increased by 0.16 percent to 0.7501 and by 0.31 percent to 0.6864, respectively.

The Japanese yen remained almost unchanged at 111.47, having fallen from its 9-day high of 111.90, which was registered on Friday.

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