U.S. Dollar Retreats After Modest Rebound From Recent Losses

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The U.S. Dollar recovered after early weakness on Monday, but faltered shed some ground against other major currencies, with traders looking ahead to the Federal Reserve’s monetary policy announcement, due on Wednesday.

The dollar’s weakness was due to expectations that Fed Chair Jerome Powell will stick to the stance of super-easy monetary policy.

a report released by the Commerce Department showed new orders for U.S. manufactured durable goods increased by much less than expected in the month of March.

The Commerce Department said durable goods orders rose by 0.5% in March after falling by a revised 0.9% in February. Economists had expected durable goods orders to spike by 2.5% compared to the 1.2% slump that had been reported for the previous month.

Data on consumer confidence, personal income and spending, and the preliminary reading on first quarter GDP are due later in the week.

The dollar index, which rallied from an eight-week low of 90.68 to 90.99, was last seen at 90.84, down slightly from previous close.

Against the Euro, the dollar was up marginally at $1.2091.

Against Pound Sterling, the dollar weakened to $1.3904, sliding from $1.3881.

The Yen fell to 108.10 a dollar, losing about 0.2%.

The Aussie was stronger with the AUD-USD pair moving on to 0.7802 from 0.7739.

The Swiss franc was slightly weak at 0.9143, while the Loonie was firmer at C$1.2395 a dollar.

The material has been provided by InstaForex Company – www.instaforex.com

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