Investing.com - The U.S. dollar was broadly lower against the other major currencies on Monday, as optimism over signs of progress in resolving the U.S. fiscal cliff and hopes that Greece will soon receive its next aid installment dampened demand for the greenback.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD rising 0.52% to 1.2808.
Market participants were looking ahead of a meeting of the eurogroup of euro zone finance ministers on Tuesday to discuss whether Greece will receive its next tranche of financial aid.
A decision on unlocking Greece’s next bailout installment has been delayed by disagreements between officials from the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
Concerns over the economic outlook for the euro zone persisted after Germany's central bank warned earlier that economic growth in the bloc’s largest economy is weakening as a result of the crisis in the region, as well as problems in the global economy.
Meanwhile, market sentiment was boosted after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal cliff, a combination of automatic tax increases and spending cuts due to come into effect from January, were "constructive."
The greenback was slightly lower against the pound, with GBP/USD easing up 0.15% to 1.5906.
Elsewhere, the greenback was steady below a seven-month high against the yen, with USD/JPY sliding 0.18% to 81.17 and was lower against the Swiss franc, with USD/CHF falling 0.58% to 0.9401.
The yen remained under pressure ahead of Japanese elections on December 16 which are likely to see the opposition party, which advocates more aggressive monetary easing measures by the Bank of Japan, come to power.
The greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD shedding 0.47% to trade at 0.9964, AUD/USD rising 0.60% to 1.0402 and NZD/USD up 0.66% to 0.8179.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.46% to 80.89.
Also Monday, the National Association of Realtors said that U.S. existing home sales rose by 2.1% to a seasonally adjusted 4.79 million units in October from September’s revised total of 4.69 million.
September existing home sales were initially reported at 4.75 million units.
Analysts had expected U.S. existing home sales to rise to 4.75 million units in October.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD rising 0.52% to 1.2808.
Market participants were looking ahead of a meeting of the eurogroup of euro zone finance ministers on Tuesday to discuss whether Greece will receive its next tranche of financial aid.
A decision on unlocking Greece’s next bailout installment has been delayed by disagreements between officials from the International Monetary Fund and Europe on how best to reduce the country’s debt to manageable levels.
Concerns over the economic outlook for the euro zone persisted after Germany's central bank warned earlier that economic growth in the bloc’s largest economy is weakening as a result of the crisis in the region, as well as problems in the global economy.
Meanwhile, market sentiment was boosted after U.S. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal cliff, a combination of automatic tax increases and spending cuts due to come into effect from January, were "constructive."
The greenback was slightly lower against the pound, with GBP/USD easing up 0.15% to 1.5906.
Elsewhere, the greenback was steady below a seven-month high against the yen, with USD/JPY sliding 0.18% to 81.17 and was lower against the Swiss franc, with USD/CHF falling 0.58% to 0.9401.
The yen remained under pressure ahead of Japanese elections on December 16 which are likely to see the opposition party, which advocates more aggressive monetary easing measures by the Bank of Japan, come to power.
The greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD shedding 0.47% to trade at 0.9964, AUD/USD rising 0.60% to 1.0402 and NZD/USD up 0.66% to 0.8179.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.46% to 80.89.
Also Monday, the National Association of Realtors said that U.S. existing home sales rose by 2.1% to a seasonally adjusted 4.79 million units in October from September’s revised total of 4.69 million.
September existing home sales were initially reported at 4.75 million units.
Analysts had expected U.S. existing home sales to rise to 4.75 million units in October.