Dollar dips as market looks past upbeat U.S. jobs report
Published Jul 07, 2014 03:57PM ET
Dollar dips on profit taking, U.S. monetary policy uncertainty
Investing.com - The dollar traded steady to lower against most major currencies on Monday after investors locked in gains from Thursday's upbeat U.S. June jobs report and sold the greenback for profits.
In U.S. trading on Monday, EUR/USD was up 0.08% at 1.3606.
The dollar firmed after the Department of Labor reported last week that non-farm payrolls rose by 288,000 in June, easily surpassing expectations for an increase of 212,000.
However, by Monday trading after a holiday weekend in the U.S., profit takers wiped out the greenback's advance.
Many investors jumped to the sidelines to await the release of the minutes from the Federal Reserve's June policy meeting on Wednesday, which may hold clues concerning the direction of monetary policy.
Goldman Sachs said it expected the Fed to raise interest rates in the third quarter of 2015 as opposed to the first quarter of 2016 made in an earlier prediction, though uncertainty ahead of the release of the Fed minutes swayed investors away from the dollar.
The euro, meanwhile, rose on demand from bargain hunters despite soft German industrial output numbers.
Official data showed that German industrial output fell 1.8% in May, the third consecutive monthly decline, defying market calls for a 0.2% expansion.
The dollar was down against the yen, with USD/JPY down 0.21% at 101.85, and down against the Swiss franc, with USD/CHF down 0.15% at 0.8933.
The greenback was up against the pound, with GBP/USD down 0.17% at 1.7131.
The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.23% at 1.0677, AUD/USD up 0.09% at 0.9373 and NZD/USD up 0.25% at 0.8762.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% at 80.27.
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Written By: Investing.com
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