Monday, the US dollar recovered from an early Asian session’s multi-day lows against the currencies of Europe, U.K. and Switzerland. Meanwhile, the dollar remained higher against the yen.
The dollar that slipped to a 5-day low of 1.3494 against the euro at 5:30 pm ET Sunday and 1.0589 against the franc at 5:35 pm ET bounced back thereafter. At present, the dollar is worth 1.3439 per euro and 1.069 against the franc, compared to Friday’s close of 1.3413 and 1.0658, respectively. If the dollar gains further, it may target 1.327 against the euro and 1.075 against the franc.
The dollar advanced against the pound after hitting a 4-day low of 1.4968 at 5:50 pm ET Sunday. The pound-dollar pair that closed last week’s trading at 1.4904 is presently worth 1.4821. The next upside target level for the dollar is seen at 1.481.
The dollar strengthened against the yen in early Asian deals on Monday. Currently, the dollar-yen pair is worth 92.70, up from Friday’s close of 92.53. The near term resistance for the US currency is seen around the 92.9 level.
Japan’s retail sales report released earlier in the day likely influenced the yen. Retail sales in Japan were up 4.2% year-over-year in February, the Ministry of Economy, Trade and Industry said today. The increase was sharply higher than analyst expectations for a 1.6% increase following the revised 2.3% annual gain in January.
Overall retail sales were up 0.9% on a seasonally adjusted monthly basis, compared to forecasts that had called for a 1.2% decline after the revised 2% fall a month earlier.
Looking ahead, the euro-zone economic confidence report for March is slated for release in the upcoming European session.
From the U.S., personal income and spending reports for February are expected in the New York session.
