The U.S. dollar rose on Monday to its highest level in nearly three months, as investors awaited economic data due this week to assess the state of the U.S. economy and determine whether it could influence the Federal Reserve’s ongoing tight monetary policy.
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The Japanese yen remained near an eight-and-a-half-month low, pressured by the large interest rate differential between the U.S. and Japan.
Trading in Asia was subdued on Monday due to a holiday in Japan, keeping most currencies within narrow ranges, although they largely remained near recent lows against the strong dollar.
The euro fell to a three-month low, trading most recently at $1.1527, while the British pound dropped 0.26% to $1.3136, ahead of the Bank of England’s interest rate decision later this week, where rates are expected to remain unchanged.
Meanwhile, the ongoing U.S. government shutdown is expected to delay the release of the nonfarm payroll report on Friday. Investors will also monitor other key indicators this week, including employment data and purchasing managers’ indices, to gauge the pulse of the economy.
Reuters
