Dollar Loses Ground Against Major Counterparts
(RTTNews) - The U.S. dollar drifted lower against its major counterparts on Monday with investors looking ahead to the testimony by the Federal Reserve Chair Jerome Powell and the crucial jobs data due later in the week, for clues on interest rates.
Economists currently expect employment to increase by 200,000 jobs in February after jumping by 517,000 jobs in January, while the unemployment rate is expected to hold at 3.4%.
The dollar index, which dropped to a low of 104.16 around noon, recovered to 104.32, down 0.19% from the previous close.
Against the Euro, the dollar weakened to 1.0681 from 1.0635. Euro area investor confidence decreased more than expected in March as expectations deteriorated sharply despite receding fears of a recession, survey results from the behavioral research institute Sentix showed Monday.
The Sentix economic index dropped to -11.1 from -8.0 in February. Economists had forecast a score of -6.3.
The dollar is stronger against Pound Sterling, trading at 1.2022, up from the previous close of 1.2043.
Against the Japanese currency, the dollar is up marginally, fetching 135.93 yen a unit.
The dollar has firmed to 0.6730 against the Aussie, gaining from 0.6768.
Against Swiss franc, the dollar dropped to CHF 0.9304, easing from CHF 0.9359.
The dollar is firm against the loonie at C$ 1.3616, gaining from C$ 1.3598.
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