Investing.com – The U.S. dollar was up against most of its major counterparts on Monday, boosted by hawkish comments from regional Federal Reserve officials, while investors awaited key data on U.S. consumer spending.
During European afternoon trade, the greenback was up against the euro, with EUR/USD slumping 0.37% to hit 1.4033.
German Chancellor Angela Merkel's conservative party suffered a loss in elections in the key state of Baden-Wuerttemberg over the weekend, which could limit Merkel's ability to pass legislation as her coalition government deals with military action in Libya and the ongoing euro zone debt crisis.
The greenback was also up against the pound with GBP/USD shedding 0.38% to hit 1.5980. Earlier in the day, BoE Monetary Policy Committee member Andrew Sentance said the central bank should not delay raising interest rates, while adding that he was encouraged by the strength of the recovery in the manufacturing sector.
Meanwhile, the U.S. dollar was up against the yen and Swiss franc, with USD/JPY climbing 0.44% to hit 81.70 and USD/CHF easing up 0.03% to hit 0.9209.
Elsewhere, the greenback was down against its Canadian and Australian counterparts, with USD/CAD falling 0.27% to hit 0.9784 and AUD/USD edging up 0.02% to hit 1.0263. It earlier rose to an all-time high of 1.0314.
Meanwhile, the U.S. dollar was up against its New Zealand counterpart, with NZD/USD slumping 0.49% to hit 0.7498.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.32% to hit 76.64.
Philadelphia Federal Reserve Bank President Charles Plosser said on Friday the U.S. central bank would have to reverse its loose monetary policy in the "not-too-distant future" to avoid sowing the seeds of inflation.
Plosser's comments were followed by St. Louis Fed President James Bullard, who said on Saturday that lengthening the 'extended period' of low rates could encourage a liquidity trap.
Later in the day, the U.S. was to release industry data on pending home sales as well as official data on personal spending, personal income and personal consumption expenditures.
During European afternoon trade, the greenback was up against the euro, with EUR/USD slumping 0.37% to hit 1.4033.
German Chancellor Angela Merkel's conservative party suffered a loss in elections in the key state of Baden-Wuerttemberg over the weekend, which could limit Merkel's ability to pass legislation as her coalition government deals with military action in Libya and the ongoing euro zone debt crisis.
The greenback was also up against the pound with GBP/USD shedding 0.38% to hit 1.5980. Earlier in the day, BoE Monetary Policy Committee member Andrew Sentance said the central bank should not delay raising interest rates, while adding that he was encouraged by the strength of the recovery in the manufacturing sector.
Meanwhile, the U.S. dollar was up against the yen and Swiss franc, with USD/JPY climbing 0.44% to hit 81.70 and USD/CHF easing up 0.03% to hit 0.9209.
Elsewhere, the greenback was down against its Canadian and Australian counterparts, with USD/CAD falling 0.27% to hit 0.9784 and AUD/USD edging up 0.02% to hit 1.0263. It earlier rose to an all-time high of 1.0314.
Meanwhile, the U.S. dollar was up against its New Zealand counterpart, with NZD/USD slumping 0.49% to hit 0.7498.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.32% to hit 76.64.
Philadelphia Federal Reserve Bank President Charles Plosser said on Friday the U.S. central bank would have to reverse its loose monetary policy in the "not-too-distant future" to avoid sowing the seeds of inflation.
Plosser's comments were followed by St. Louis Fed President James Bullard, who said on Saturday that lengthening the 'extended period' of low rates could encourage a liquidity trap.
Later in the day, the U.S. was to release industry data on pending home sales as well as official data on personal spending, personal income and personal consumption expenditures.