Investing.com - The U.S. dollar was higher against all of the other major currencies on Monday, as renewed concerns over the debt crisis in the euro zone and worries over the global economic outlook bolstered demand for the relative safety of the greenback.
During European morning trade, the dollar rose to a more than one-week high against the euro, with EUR/USD down 0.53% to 1.2911.
The euro lost ground following a report showing that Germany’s Ifo business confidence index deteriorated to the lowest level since March 2010 this month, amid ongoing concerns over euro zone’s debt crisis.
The German Ifo index fell to 101.4 from 102.3 in August, the fifth monthly decline in a row, compared to expectations for a reading of 102.5.
Meanwhile, uncertainty over whether Spain will request a full scale sovereign bailout weighed.
On Thursday Madrid is to present its draft budget for next year and announce structural reforms, while the results of bank stress tests are due on Friday. In addition, ratings agency Moody’s is expected to complete a ratings review on Spain later this week.
Over the weekend, Spain’s economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.
The greenback was also higher against the pound, with GBP/USD slipping 0.10% to 1.6210.
Elsewhere, the greenback was lower against the yen, with USD/JPY losing 0.25% to hit 77.96, but was up against the Swiss franc, with USD/CHF rising 0.35% to 0.9361.
The minutes of the Bank of Japan’s August meeting published earlier showed that policymakers believed a high degree of uncertainty over the global economic outlook remained and said that the bank would proceed with continuous monetary easing.
The greenback was broadly higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD climbing 0.39% to 0.9801, AUD/USD falling 0.46% to 1.0407 and NZD/USD tumbling 0.74% to 0.8226.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.36% to 79.72.
Meanwhile, concerns over Greece persisted as Athens prepared to present a package of spending cuts demand by international lenders to euro zone officials at the end of this week, amid fears that the country’s budget shortfall could be larger than expected.
During European morning trade, the dollar rose to a more than one-week high against the euro, with EUR/USD down 0.53% to 1.2911.
The euro lost ground following a report showing that Germany’s Ifo business confidence index deteriorated to the lowest level since March 2010 this month, amid ongoing concerns over euro zone’s debt crisis.
The German Ifo index fell to 101.4 from 102.3 in August, the fifth monthly decline in a row, compared to expectations for a reading of 102.5.
Meanwhile, uncertainty over whether Spain will request a full scale sovereign bailout weighed.
On Thursday Madrid is to present its draft budget for next year and announce structural reforms, while the results of bank stress tests are due on Friday. In addition, ratings agency Moody’s is expected to complete a ratings review on Spain later this week.
Over the weekend, Spain’s economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.
The greenback was also higher against the pound, with GBP/USD slipping 0.10% to 1.6210.
Elsewhere, the greenback was lower against the yen, with USD/JPY losing 0.25% to hit 77.96, but was up against the Swiss franc, with USD/CHF rising 0.35% to 0.9361.
The minutes of the Bank of Japan’s August meeting published earlier showed that policymakers believed a high degree of uncertainty over the global economic outlook remained and said that the bank would proceed with continuous monetary easing.
The greenback was broadly higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD climbing 0.39% to 0.9801, AUD/USD falling 0.46% to 1.0407 and NZD/USD tumbling 0.74% to 0.8226.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.36% to 79.72.
Meanwhile, concerns over Greece persisted as Athens prepared to present a package of spending cuts demand by international lenders to euro zone officials at the end of this week, amid fears that the country’s budget shortfall could be larger than expected.