Dollar Loses Ground Against Major Rivals

(RTTNews) - The U.S. dollar weakened against most of its major counterparts on Monday with investors largely consolidating gains and focusing on talks over the debt ceiling issue.

In an interview with the Wall Street Journal, Treasury Secretary Janet Yellen said the administration and congressional Republicans are making progress in their negotiations over federal spending and raising the debt limit.

"I'm hopeful. I think the negotiations are very active. I'm told they have found some areas of agreement," Yellen said in an interview following a meeting of G-7 finance ministers in Japan on Saturday.

President Joe Biden also expressed optimism about the talks in remarks to reporters over the weekend, although House Speaker Kevin McCarthy, R-Calif., told NBC News on Monday that the two sides are still "far apart."

"It seems like they want to look like they're in a meeting," McCarthy said outside the Capitol. "They're not talking anything serious."

Markets await some key economic data, and speeches from several officials of the Federal Reserve this week.

Fed Chair Jerome Powell is due to participate in a Perspectives on Monetary Policy panel before the Thomas Laubach Research Conference on Friday.

The dollar index dropped to 102.38 and was last seen at 102.42, down 0.25% from the previous close.

Against the Euro, the dollar is down at 1.0877, while against Pound Sterling, it is down 0.65% at 1.2529.

Against the Japanese currency, the dollar is fetching 136.05 yen a unit, compared with 135.74 yen a unit on Friday.

The dollar is down against the Aussie at 0.6703, trailing its previous close by nearly 1%. The Swiss franc up against the dollar at CHF 0.8952, while the Loonie is firm at C$1.3467 a dollar, gaining from C$1.3549.