The dollar is trading modestly lower against all of its major competitors Monday afternoon. There has been no U.S. economic data to drive the direction of trading today, due to the Columbus Day holiday. A holiday in Japan is also contributing to the sparse trading activity.
Many investors appear to be waiting on the sidelines ahead of some important reports later this week. Investors can look forward to the release of the producer price index, retail sales and the Beige book on Wednesday. The consumer price index is slated for Thursday, while consumer sentiment and industrial production are scheduled for Friday.
Implementing structural reforms as demanded by Greece’s lenders would bring the country’s economy back to growth path, European Central Bank Governor Mario Draghi said in an interview with Sunday’s edition of Kathimerini newspaper.
“The Greek government will have to show that it has assumed ownership of the program and that it is determined to fulfill its requirements,” he said.
The key element over the coming months would be the discussion about Greek debt sustainability, Draghi observed.
Further, Draghi said the quantitative easing programme is working better than expected. “We are satisfied with QE, as it has met and even surpassed our initial expectations.”
The dollar is little changed against the Euro at the start of the new trading week. The U.S. currency hit a low of $1.1396 this morning, but has since bounced back to around $1.1365.
The French current account balance showed a surplus in August, the Bank of France said Monday. The current account surplus totaled EUR 0.2 billion in August, in contrast to a EUR 0.4 billion deficit seen a month ago.
The buck slipped to an early low of $1.5372 against the pound sterling, but has since rebounded to around $1.5345.
The greenback has fallen to around Y119.950 against the Japanese Yen, from Friday’s high of around Y120.300.
The material has been provided by InstaForex Company – www.instaforex.com