Image: Reuters Berita 24 English - On Monday, the dollar retraced its losses from the previous week, heading for its first monthly loss in ...
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| Image: Reuters |
With Chinese Purchasing Managers' Index results, US jobs numbers, and growth data in resource bellwether Australia, the week ahead is packed of data that could provide hints on the prospects for global growth, US interest rates, and the currency.
Because the United States' stock and bond markets are closed for the Memorial Day vacation, trade is expected to be modest through Monday.
The dollar was a bit weaker against the euro early in the Asian session, trading at $1.0728, barely above a five-week low, after dropping roughly 1.5 percent against the single currency last week.
After a Friday surge, the risk-sensitive Australian and New Zealand dollars were firm, while the yen was a smidgeon weaker at 127.28 per dollar.
The Australian dollar, at $0.7161, and the New Zealand dollar, at $0.6536, were both near three-week highs. [AUD/]
"This week, the dollar may fall even more. The global picture would be better and the dollar would be lower if China's lockdown did not exist "Joe Capurso, the Commonwealth Bank of Australia's head of international economics in Sydney, agreed.
The dollar index held stable at 101.660 on Monday, after hitting a two-decade high of 105.010 earlier in May. At $1.2628, sterling maintained its gains from the previous week.
In offshore trade, China's yuan maintained steady at 6.7210 per dollar, supported by progress out of viral lockdowns.
Shanghai announced on Sunday that "irrational" business restrictions will be lifted on June 1, while Beijing reopened parts of its public transportation and certain malls.
Most analysts are hesitant to declare the recent dollar rally to be over.
Positive U.S. consumer data, as well as the loosening of Chinese lockdowns, are helping to rekindle optimism about global economy, which tends to bolster exporters' currencies at the expense of the dollar.
Investors have also pounced on suggestions that the Federal Reserve would take a break after hiking strongly for the next two months.
"The Fed has resisted calls for even more tightening, resulting in a plateau in forward expectations," said John Briggs, global head of desk strategy at NatWest Markets.
Cryptocurrencies are still struggling, with bitcoin struggling to recoup losses suffered during a wide sell-off of risk assets at the beginning of the month. It most recently purchased $29,333.
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At 00:36 GMT, currency bid prices were as follows:
RIC Pct Change YTD RIC Pct Change YTD RIC Pct Change YTD RIC Pct Change YTD RIC Pct Change YTD Bid High, Bid Low
Changes Before
Session
Euro/Dollar
$1.0732 -5.59 percent -0.03 percent -0.03 percent $1.0736 +1.0740 +1.0727 +1.0740 +1.0727 +1.0740 +1
Dollar/Yen
+0.20 percent +10.72 percent +127.3300 +127.3500 127.2100 127.1000 +0.20 percent +10.72 percent +127.3300 +127.3500
Euro/Yen
+0.07% +4.77 percent +136.6300 +136.4000 136.52 136.42 +0.07% +4.77 percent +136.6300 +136.4000
Dollar/Swiss
+0.04 percent +5.00 percent +0.9583 +0.9571 0.9578 0.9574 +0.04 percent +5.00 percent +0.9583 +0.9571
Sterling/Dollar
1.2624 -6.62 percent 1.2628 +0.00 percent +1.2634 +1.2625 +1.2634 +1.2625 +1.2634 +1
Dollar/Canadian
1.2722 -0.03 percent +0.59 percent 1.2720 1.2722 -0.03 percent +1.2728 +1.2715 +1.2715 +1.2728 +1.2715 +1
Aussie/Dollar
0.7162 0.7160 +0.07% -1.43 percent +0.7166 +0.7149 0.7162 0.7160 +0.07% -1.43 percent
NZ
Dollar/Dollar 0.6534 0.6539 -0.07% -4.54 percent +0.6540 +0.6524 percent +0.6540 +0.6524 percent +0.6540 +0.6524 percent +0.6540 +0.6524 percent +0.6540 +0.6524 percent +0.6540
Each and every location
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Volatilities
BOJ provides information on the Tokyo foreign exchange market.
