Investing.com - The dollar was mixed against the other major currencies on Monday, amid uncertainty over the timing of the Federal Reserve’s plans to start phasing out its stimulus program.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD climbing 0.18% to 1.3350.
The euro hit session highs after Germany’s central bank said Monday the European Central Bank’s forward guidance on interest rates was not an "unconditional commitment".
In its monthly report, Germany’s Bundesbank said that Germany and other euro zone member states would benefit from record low interest rates set by the ECB. However, the report added that the ECB’s pledge to keep bank rates at low levels for an extended period would continue to depend on the medium term inflation outlook.
Investors were looking ahead to the minutes of the Fed’s July meeting, due out on Wednesday, for further indications as to when the bank may start to taper its USD85 billion-a-month asset purchase program.
Expectations that the Fed may begin tapering as soon as September were boosted late last week after data showed that U.S. weekly jobless claims fell to an almost six year low.
Elsewhere, the dollar gained ground against the yen, with USD/JPY rising 0.35% to 97.94.
The yen was lower after official data showed that Japan posted a larger-than-expected trade deficit of JPY1.024 trillion in July. Exports rose 12.2% on a year-over-year basis, boosted by the weaker yen, while imports climbed 19.6%.
The dollar was close to two-month lows against the pound, with GBP/USD rising 0.20% to 1.5654.
Demand for sterling continued to be underpinned after data last week showed that U.K. jobless claims fell more than expected in July, while retail sales rose more than forecast, boosting the outlook for the economic recovery.
The dollar was lower against the Swiss franc, with USD/CHF down 0.12% to 0.9253.
The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD losing 0.38% to trade at 0.9146, NZD/USD sliding 0.27% to 0.8082 and USD/CAD dipping 0.07% to 1.0331.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slid 0.07% to 81.28.
During U.S. morning trade, the dollar was lower against the euro, with EUR/USD climbing 0.18% to 1.3350.
The euro hit session highs after Germany’s central bank said Monday the European Central Bank’s forward guidance on interest rates was not an "unconditional commitment".
In its monthly report, Germany’s Bundesbank said that Germany and other euro zone member states would benefit from record low interest rates set by the ECB. However, the report added that the ECB’s pledge to keep bank rates at low levels for an extended period would continue to depend on the medium term inflation outlook.
Investors were looking ahead to the minutes of the Fed’s July meeting, due out on Wednesday, for further indications as to when the bank may start to taper its USD85 billion-a-month asset purchase program.
Expectations that the Fed may begin tapering as soon as September were boosted late last week after data showed that U.S. weekly jobless claims fell to an almost six year low.
Elsewhere, the dollar gained ground against the yen, with USD/JPY rising 0.35% to 97.94.
The yen was lower after official data showed that Japan posted a larger-than-expected trade deficit of JPY1.024 trillion in July. Exports rose 12.2% on a year-over-year basis, boosted by the weaker yen, while imports climbed 19.6%.
The dollar was close to two-month lows against the pound, with GBP/USD rising 0.20% to 1.5654.
Demand for sterling continued to be underpinned after data last week showed that U.K. jobless claims fell more than expected in July, while retail sales rose more than forecast, boosting the outlook for the economic recovery.
The dollar was lower against the Swiss franc, with USD/CHF down 0.12% to 0.9253.
The greenback was broadly higher against its Australian, New Zealand and Canadian counterparts, with AUD/USD losing 0.38% to trade at 0.9146, NZD/USD sliding 0.27% to 0.8082 and USD/CAD dipping 0.07% to 1.0331.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, slid 0.07% to 81.28.