Forexpros – The U.S. dollar was confined to narrow ranges against its global counterparts on Monday, as markets struggled to find direction amid a dearth of significant economic data.
During European afternoon trade, the dollar was slightly higher against the euro, with EUR/USD slipping 0.17% to hit 1.3150.
Market participants were awaiting the outcome of the final stage of Greece’s debt restructuring deal, ahead of a two-stage auction to determine the payout on Greek credit default swaps. The settlement was expected to go smoothly.
The greenback was lower against the pound, with GBP/USD adding 0.19% to hit 1.5873.
The greenback was almost unchanged against the yen, with USD/JPY dipping 0.01% to hit 83.44, but pushed higher against the Swiss franc, with USD/CHF rising 0.22% to hit 0.9174.
Elsewhere, the greenback was mixed against its Canadian, Australian and New Zealand cousins, with USD/CAD inching down 0.04% to hit 0.9911, AUD/USD sliding 0.24% to hit 1.0563 and NZD/USD dipping 0.05% to hit 0.8237.
In Canada, official data showed that wholesale sales declined unexpectedly in January, falling 1.0% and erasing the previous month’s 0.9% gain.
Earlier Monday, Reserve Bank of Australia Governor Glenn Stevens said that the euro zone’s debt problems were still a risk to the global economy, but remained upbeat on the outlook for China and the rest of Asia.
Stevens also said Australia’s overall recent economic performance was “not too bad” despite the pressures of the strong domestic currency, but said that only increased productivity could boost economic growth.
In New Zealand, data showed that consumer confidence remained subdued in the first quarter amid lingering concerns over the outlook for the economy and price increases.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.05% to hit 80.12.
Later in the day, the U.S. National Association of Home Builders was to publish a report on home sales.
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