Forexpros – bsp;Forexpros – The U.S. dollar surged against its major counterparts on Monday as euro zone debt fears triggered safe haven buying. Better than expected U.S. budget figures added to the dollar bullish environment.
During late session U.S. trade, the greenback was up against the euro, with EUR/USD dropping 1.52% to hit 1.3183.
The single currency was weighed by the failure of the European Central Bank to take decisive actions against the debt crisis.
The greenback was also up against the pound, with GBP/USD falling 0.54% to hit 1.5585.
Dollar bullish news that the U.S. federal budget fell to -137.3B, instead of the expected -138.0B, added fire to the greenback’s advance.
Meanwhile, the greenback was higher against the yen and the Swiss franc with USD/JPY up by 0.35% to hit 77.88 and USD/CHF soaring 1.48% to hit 0.9367.
The greenback was up against its Canadian, Australian and New Zealand counterparts with USD/CAD climbing 0.94% to hit 1.0265, AUD/USD fell 1.53% to hit 1.0063 and NZD/USD dropping 1.67% to 0.7628.
Investors are anxiously awaiting the U.S. Fed fund rate hitting the wire on Tuesday.
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