NEW YORK, NNC - The dollar exchange rate weakened against most other major currencies in late trading on Monday (2/12/2018), after recording the biggest weekly gain since December 2016, last week.
The dollar index jumped 1.4 percent last week, posting its biggest weekly gain since December 2016, as a massive sell-off in US equity markets forced investors to switch to US currency to release their positions.
In the absence of major economic data out on Monday (2/12), investors are closely watching US stocks, which continue to recover from their worst weekly performance in two years. Rebound continued in stock helps calm investor anxiety and make currency less attractive.
Meanwhile, traders continue to monitor consumer price inflation data due on Wednesday (2/14), which will be a barometer to anticipate March's rate hike by the US Federal Reserve.
The dollar index, which measures the greenback against six major currencies, fell 0.26 percent to 90.207 in late trading.
In late New York trade, the euro rose to $1.2285 from $1.2234 in the previous session, and the British pound rose to $1.3830 from $1.3806 in the previous session. The Australian dollar rose to $0.7845 from $0.7790.
The dollar was bought at JPY108.68, higher than JPY108.49 in the previous session. The dollar also rose to CHF0.9389 from CHF0.9387, and moved down to CAD1.2603 from CAD1.2.