The US dollar was meandering between gains and losses, exhibiting no particular trend during the Monday’s trading session. Traders continue to digest last week’s dovish remarks from Federal Reserve chief Janet Yellen and wait for more comments this week.
Analysts have predicted no particular trend for the US currency, and so far their caution proved right. The greenback did not demonstrate a particular bias, rising against some currencies and falling against others. It gained on the weak currencies like the euro and the Australian dollar but fell against stronger ones like the Great Britain pound and the Japanese yen.
Market participants wait for Fed minutes and Yellen’s speech, and those events will likely overshadow any economic data released during this week. Saying that, today’s report about factory orders was not helpful to the dollar at all, showing a bigger drop than economists had anticipated (1.7% versus 1.5%).
EUR/USD was down from 1.1400 to 1.1357 intraday, though it managed to bounce closer to the opening as of 16:35 GMT today. GBP/USD gained from 1.4221 to 1.4275. USD/JPY dropped from 111.59 to 111.14. AUD/USD declined from 0.7670 to 0.7618.
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