The dollar languished near a one-month low versus major peers on Monday, as investors pushed back expectations for when the Federal Reserve will begin tapering its massive stimulus.
The dollar index , which measures the currency against six rivals, edged 0.05% higher to 92.155, after dipping to 91.941 for the first time since Aug. 4 on Friday, when a closely watched U.S. labour report came out much weaker than expected.
The euro was flat at $1.18775 after matching the highest level since June 29 at $1.1909 at the end of last week. The single currency has been supported by expectations the European Central Bank, which meets Thursday, is close to tapering its own stimulus programme.
The greenback edged 0.1% higher to 109.79 yen , still meandering in the middle of its trading range of the past two months.
· The Fed has made a labour market recovery a condition for paring back its pandemic-era asset purchases.
Commonwealth Bank of Australia pushed back expectations for a start to tapering to December from October following the jobs miss.
· Yuan inches up, gains capped as state banks purchase dollars
In the spot market, onshore yuan opened at 6.4550
per dollar and was changing hands at 6.4546 at midday, 39 pips firmer than the previous late session close.
· China state banks bought dollars on Friday to drag yuan lower -sources
· The Indian rupee has had a stable run this year, but UBS expects it will be ‘short-lived’
The Indian rupee has been one of the most stable currencies in Asia-Pacific this year, but its stability is expected to be short-lived, according to UBS.
Strategists from the Swiss investment bank said in a note dated Aug. 25 that they expect the Indian currency to weaken to 77 per dollar by the end of the year — more than 5% weaker than current levels — and depreciate further to 79.5 by September 2022.
· In cryptocurrencies, bitcoin was about flat at $51,785.60, after earlier touching $51,920, a level not seen since May 12.
· Smaller rival ether traded little changed at $3,942.77 after topping $4,000 last week for the first time since mid-May.
· Dogecoin price eyes 35% upswing as DOGE bulls prepare for comeback
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