Investing.com - The dollar was rangebound against the other major currencies on Monday as market treaded water ahead of this week’s Federal Reserve minutes amid ongoing speculation over the timing of possible tapering by the U.S. central bank.
During European morning trade, the dollar was steady against the yen, with USD/JPY inching up 0.01% to 97.61.
The yen dipped lower earlier 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%.
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 unwind 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 was little changed against the euro, with EUR/USD edging up 0.01% to 1.3327.
The euro remained supported above the 1.3300 level after data last week showed that the euro zone economy returned to growth in the second quarter, emerging from an 18-month recession.
The dollar slipped lower against the pound, with GBP/USD rising 0.12% to 1.5642.
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 almost unchanged against the Swiss franc, with USD/CHF edging up 0.04% to trade at 0.9269.
The greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD up 0.25% to 0.9204, NZD/USD advancing 0.59% to 0.8151 and USD/CAD sliding 0.12% to 1.0327.
In New Zealand, official data on Monday showed that consumer price inflation rose 0.6% in the second quarter, in line with expectations.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.02% to 81.33.
During European morning trade, the dollar was steady against the yen, with USD/JPY inching up 0.01% to 97.61.
The yen dipped lower earlier 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%.
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 unwind 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 was little changed against the euro, with EUR/USD edging up 0.01% to 1.3327.
The euro remained supported above the 1.3300 level after data last week showed that the euro zone economy returned to growth in the second quarter, emerging from an 18-month recession.
The dollar slipped lower against the pound, with GBP/USD rising 0.12% to 1.5642.
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 almost unchanged against the Swiss franc, with USD/CHF edging up 0.04% to trade at 0.9269.
The greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD up 0.25% to 0.9204, NZD/USD advancing 0.59% to 0.8151 and USD/CAD sliding 0.12% to 1.0327.
In New Zealand, official data on Monday showed that consumer price inflation rose 0.6% in the second quarter, in line with expectations.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.02% to 81.33.