Dollar Stready At One Month High Against Loonie
ICM Brokers | Jul 29, 2014 03:12AM ET
EUR/USD
The euro edged higher against the dollar on Monday after data showed that U.S. pending home sales fell in June, but gains remained limited amid concerns over the divergence in monetary policy between the European Central Bank and its major peers. upside seen limited Demand for the dollar continued to be underpinned ahead of the latest U.S. employment report later in the week and the upcoming Federal Reserve statement on Wednesday. Investors were also awaiting final data on U.S. second-quarter growth on Wednesday.
GBP/USD
The pound edged up against the U.S. dollar in light trade on Monday, after disappointing U.S. home sales data but remained within close distance of a one-month low as Friday's upbeat durables goods report still lent support to the greenback. The greenback had strengthened after the Commerce Department on Friday reported a rise of 0.7% in orders of long lasting goods such as machinery and electronic products in June, compared to forecasts of 0.5%. The pound showed little reaction to data on Friday confirming that the U.K. economy grew 0.8% in the second quarter of 2014 and expanded by 3.1% on a year-over-year basis.
USD/JPY
The Japanese yen gained in early Asian trade on Monday with events in Russia-Ukraine and Middle East on investor’s minds and safe haven assets sought. U.S. Secretary of State John Kerry failed to secure a temporary cease-fire between Israel and the Palestinian militant group Hamas after nearly a week of shuttle diplomacy in the Middle East, but pledged to continue his efforts over the weekend. Markets in many parts of Southeast Asia are closed to mark the Eid holiday. Additionally, there no major releases scheduled in the region's major economies such as Japan and China, pointing to the likelihood of a quiet day ahead.
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USD/CAD
The dollar was steady at one month highs against the Canadian dollar on Monday as investors looked ahead to a series of key economic events later in the week. Demand for the dollar continued to be underpinned ahead of the latest U.S. employment report later in the week and the upcoming Federal Reserve statement on Wednesday. Investors were also awaiting final data on U.S. second-quarter growth on Wednesday. Earlier this month Fed Chair Janet Yellen said that rates could rise sooner if the recovery in the labor market continued. Canada was to release the May report on gross domestic product on Thursday.
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