The US dollar dwindled versus the euro and the Japanese yen on Monday following US shares and bond yields dropped, and markets awaiting the Federal Reserve policy meeting this week.
On Friday, the S&P 500 and Nasdaq recorded their biggest weekly fall since March, affected by poor corporate earnings and dwindling global growth pulled commodity-related stocks lower, which dragged US Treasury yields down.
The greenback finished at $1.0972 per euro. Against the yen, the currency steadied at ¥123.78.
Pullback in American stocks and decrease in bond yields may induce “short-term traders to push the dollar lower,” said Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.
The material has been provided by InstaForex Company – www.instaforex.com