Dollar steady against rivals in subdued trade


Dollar little changed against currency basketDollar little changed against currency basket – The dollar was little changed against a basket of major currencies on Monday as investors looked ahead to congressional testimony by Federal Reserve Chair Janet Yellen later in the week.

Traders were awaiting fresh indications on the future direction of monetary policy after last week’s minutes of the Fed’s June meeting revealed little new information on when rates could start to increase.

EUR/USD eased up 0.13% to 1.3624 from 1.3606 late Friday.

The euro’s gains were held in check ahead of testimony on monetary policy by European Central Bank head Mario Draghi later in the day. Draghi was to speak at a hearing before the Economic and Monetary Affairs Committee of the European Parliament in Strasbourg.

The pound drifted lower, with GBP/USD sliding 0.14% to 1.7081.

Elsewhere, the dollar gained ground against the yen, with USD/JPY rising 0.24% to 101.58.

The euro also advanced against the Japanese currency, with EUR/JPY up 0.37% to 138.40, recovering from last Thursday’s five month lows of 137.48.

The New Zealand dollar eased, but remained supported within striking distance of three year highs, with NZD/USD at 0.803, while AUD/USD was steady at 0.9391.

The Canadian dollar was close to almost three-week lows, with USD/CAD at 1.0728.

The loonie, as the Canadian dollar is also known, remained under pressure after unexpectedly weak domestic employment data last week indicated that the country’s central bank will keep rates on hold for longer.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, dipped 0.04% to 80.21, off session lows of 80.12.

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