Dollar Subdued Against Major Counterparts
(RTTNews) - The U.S. dollar remained subdued for much of the day's session on Monday, as traders stayed largely cautious, awaiting Fed Chair Jerome Powell's speech at the Jackson Hole Symposium due later this week for more clues about the economy and interest-rate outlook.
Meanwhile, the Chinese central bank, the People's Bank of China today lowered its one-year loans prime rate by 10 basis points to a record low of 3.45%, but kept the five-year loan prime rate unchanged at 4.2%.
The PBoC was expected to cut both the rates by 15 basis points today after the one-year medium-term lending facility rate was reduced by a similar pace last week.
The dollar index, which dropped to 103.14 in early New York session, recovered to 103.50 before noon, but weakened to 103.34 later on, recording a marginal loss.
Against the Euro, the dollar weakened to 1.0896 from 1.0873. The dollar is weak at 1.2755 against Pound Sterling, easing from 1.2735 a unit of Sterling.
Against the Japanese currency, the dollar has strengthened to 146.24 yen, firming from 145.41 yen. The dollar is weak against the Aussie at 0.6413. Against Swiss franc, the dollar has weakened, fetching CHF0.8786 a unit, compared to CHF0.8823 on Friday.
The Loonie is little changed against the dollar at 1.3550. Earlier in the session, the loonie had firmed to 1.3496 a dollar.
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