The US dollar recorded a mixed performance against major global currencies in early Monday trading, gaining ground against the British pound and Canadian dollar while weakening versus the euro and Japanese yen, as investors turned their attention to upcoming US inflation data expected later in the week.
No specific market-moving data or developments triggered the dollar’s movement, with analysts suggesting the shift was largely driven by traders closing short positions.
In Monday’s session, the USDEUR pair edged up to 1.0961 from Friday’s US closing level of 1.0950, though still below the morning level of 1.1051. Meanwhile, Eurozone investor confidence plunged in April, even as retail sales for February grew less than anticipated—though year-over-year growth improved.
The European Central Bank’s next policy meeting is slated for April 16–17.
The British pound lost ground against the greenback, with GBPUSD slipping to 1.2814 from 1.2873 at Friday’s close and down from 1.3002 earlier that morning. This came as data released overnight showed UK home prices dropped in March, maintaining a consistent year-on-year growth rate with the previous month.
The Bank of England’s next meeting is scheduled for May 8.
On the Asian front, the US dollar fell against the Japanese yen, with USDJPY decreasing to 146.2041 from 146.9482 at Friday’s US close. Still, the yen remained weaker than its level of 144.7211 on Friday morning. Official data revealed Japanese wage income saw accelerated growth in February, although the country’s leading economic index declined during the same period.
The Bank of Japan is expected to meet next between April 30 and May 1.
In North America, the US dollar advanced slightly against its Canadian counterpart, with USDCAD rising to 1.4247 from 1.4235 at Friday’s close, and from 1.4194 earlier that day. Data released Monday showed only a marginal increase in Canada’s leading index for March.
The Bank of Canada is scheduled to hold its next policy meeting on April 16.
