Forex - Dollar cuts gains against rivals as euro rebounds
Investing.com
Published Jun 27, 2011 08:03AM ET
During European afternoon trade, the greenback slipped against the euro, with EUR/USD easing up 0.11% to hit 1.4204.
Over the weekend, French lenders proposed a plan to reinvest half of the proceeds from maturing Greek government bonds into new 30-year Greek bonds.
Greece’s Prime Minister George Papandreou is seeking parliamentary approval for a EUR28.4 billion, five-year austerity package on Wednesday, in order to access a EUR12 billion bailout from the European Union and the International Monetary Fund.
The greenback was also slightly lower against the pound, with GBP/USD inching up 0.05% to hit 1.5963.
But the greenback was higher against the yen and the Swiss franc, with USD/JPY rising 0.42% to hit 80.76 and USD/CHF edging up 0.06% to hit 0.8339.
In addition, the greenback was up against its Canadian, Australian and New Zealand counterparts, with USD/CAD easing up 0.09% to hit 0.9893, AUD/USD shedding 0.53% to hit 1.0437 and NZD/USD tumbling 1.27% to hit 0.8029.
Earlier in the day, official data showed that New Zealand’s trade surplus contracted more-than-expected in May, due to a sharp drop in dairy export volumes and a spike in oil and aircraft part imports.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.14%.
Later Monday, the U.S. was to publish official data on personal earnings and expenditure as well as data on the consumer price index.
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Written By: Investing.com
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