Dollar Subdued Against Major Counterparts As Traders Await Key Data
(RTTNews) - The U.S. dollar was quite subdued on Monday with traders awaiting Federal Reserve Chair Jerome Powell's congressional testimony, and a slew of economic data, including reports on non-farm payroll and private sector employment, and the Beige Book.
Powell is due to testify before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
On Tuesday, the Institute for Supply Management (ISM) is due to release its report on service sector activity in the month of February.
Later in the week, the Labor Department's report employment data is due on Friday. The report is expected to show employment jumped by 200,000 jobs in February after surging by 353,000 jobs in January.
Reports on factory orders, private sector employment, weekly jobless claims and the U.S. trade deficit are also due to be released this week along with the Fed's Beige Book.
The dollar index, which dropped to 103.73, recovered a bit, but at 103.84, was still behind the previous closing level.
Against the Euro, the dollar weakened to 1.0857, and against Pound Sterling, eased to 1.2691.
The dollar firmed against the Japanese currency, fetching 150.53 yen a unit, up from 150.13 yen on Friday. The Aussie weakened against the dollar, easing to US$0.6509 from US$0.6527. The dollar gained against Swiss franc, rising to CHF0.8849, and edged up against the Loonie to C$1.3575.
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