Dollar Falls against Euro, Sterling in Forex Market
The US dollar fell against its major trading partners early Monday as the focus turned to April’s home sales data and a string of appearances by Federal Reserve officials.
A quick summary of foreign exchange activity heading into Monday USDEUR rose to 1.1277 from 1.1151 at the Friday US close and 1.1202 at the same time Friday morning.
Eurozone consumer prices rose as expected in April, according to data released earlier Monday. The next European Central Bank meeting is scheduled for June 4-5.
GBPUSD rose to 1.3386 from 1.3276 at the Friday US close and 1.3295 at the same time Friday morning. There are no UK data on Monday’s schedule. The next Bank of England meeting is scheduled for June 19.
USDJPY fell to 144.9221 from 145.9132 at the Friday US close and 145.6082 at the same time Friday morning. Japanese services purchases by businesses rose in March, according to data released overnight. The next Bank of Japan meeting is scheduled for June 16-17.
USDCAD fell to 1.3945 from 1.3976 at the Friday US close and 1.3964 at the same time Friday morning. Monday is a holiday in Canada, so there are no data on the schedule. The next Bank of Canada meeting is scheduled for June 4.
Moody’s cut the United States’ top sovereign credit rating by one notch on Friday, the last of the major ratings agencies to downgrade the country, citing concerns about its growing $36 trillion debt pile.
The news saw the dollar lose ground against its major rivals following four straight winning weeks when it was boosted by rising optimism for U.S. trade deals and then a thaw in relations with China that eased fears of a global recession. #Dollar Falls against Euro, Sterling in Forex Market#
Digital Economy Attracts $191m Investment in Q1 2024 – Bosun Tijani
