The U.S. Dollar recovered after early weakness on Monday, but faltered shed some ground against other major currencies, with traders looking ahead to the Federal Reserve’s monetary policy announcement, due on Wednesday.
The dollar’s weakness was due to expectations that Fed Chair Jerome Powell will stick to the stance of super-easy monetary policy.
a report released by the Commerce Department showed new orders for U.S. manufactured durable goods increased by much less than expected in the month of March.
The Commerce Department said durable goods orders rose by 0.5% in March after falling by a revised 0.9% in February. Economists had expected durable goods orders to spike by 2.5% compared to the 1.2% slump that had been reported for the previous month.
Data on consumer confidence, personal income and spending, and the preliminary reading on first quarter GDP are due later in the week.
The dollar index, which rallied from an eight-week low of 90.68 to 90.99, was last seen at 90.84, down slightly from previous close.
Against the Euro, the dollar was up marginally at $1.2091.
Against Pound Sterling, the dollar weakened to $1.3904, sliding from $1.3881.
The Yen fell to 108.10 a dollar, losing about 0.2%.
The Aussie was stronger with the AUD-USD pair moving on to 0.7802 from 0.7739.
The Swiss franc was slightly weak at 0.9143, while the Loonie was firmer at C$1.2395 a dollar.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.