Dollar Recovers and Markets Await the BOE's Governor Carney Speech

Dollar Recovers and Markets Await the BOE's Governor Carney Speech

On Monday, the Greenback rose slightly vs. a basket of major currencies, as market players bought back the U.S. dollar following its plunge to three-year lows. The U.S. dollar has been trading under pressure, negatively affected by a variety of factors this year, including worries that Washington might pursue a weak dollar strategy and many weak economic data.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up by 0.03% at 89.06 off a low of 88.253 touched last week, which was the lowest level since December 2014.

The single currency fell by 0.02% vs. the Greenback as traders are awaiting crucial business surveys later this week that could give the common currency some more direction. No major reports are due from the Euro-zone today.

Versus the sterling pound, the Greenback rose by 0.11%, to settle at $1.4013. Meanwhile, BoE's Governor Mark Carney will speak today.

Against the JPY, the USD rose by 0.035, to settle at ¥106.59, but remained down 2.3% this month.

Earlier today, Gold prices failed to manage its gains and declined, moving away from a three-and-a-half week high as the Greenback backed by Friday's strong U.S. housing sector data. Gold Futures - Apr 18 (GCJ8), fell by 0.46%, to settle at $1,349.90.

Early on Monday, Oil prices touched its highest levels in two weeks as concerns grew over tensions in the Middle East and as Asian shares joined a global rally in equity markets. Meanwhile, trading is expected to be slower than usual due to market holidays in Greater China as well as in the United States. Crude Oil WTI Futures - Mar 18 (CLH8) rose as much as 0.65%, to settle at $61.95, and Brent Oil Futures - Apr 18 (LCOJ8) was up by 0.34% at $65.06.

The most important economic events:

  • GBP BOE's Carney Speaks at Event in London: (GMT 17:45) – Medium.

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