The US dollar was rising against its major rivals during the Monday’s trading session but was less successful against commodity-related currencies that had profited from the rally of crude oil prices and the general risk-positive market sentiment.
The greenback got a bit of support from economic data released from the United States on Friday. In particular, it showed that retail sales grew 0.2 percent in January, exceeding analysts’ expectations, though not by a great degree.
The question remains if the Federal Reserve will be able to continue with its planned monetary tightening during this year. It will take more than just a few positive reports to quell doubts of market participants about the Fed’s ability to raise interest rates further.
Today, the market is quieter than usual due to the holiday (President’s Day) in the USA.
EUR/USD dropped 1 percent from 1.1236 to 1.1148 as of 20:42 GMT today. GBP/USD fell from 1.4491 to 1.4436. NZD/USD rose from 0.6604 to 0.6651.
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