Dollar Stuck Near Multi-Month Lows Monday Morning
The dollar remained under pressure versus other major currencies Monday morning, as a dismal recent stretch has cost the greenback nearly all of its springtime gains against the euro and sterling.
Meanwhile, the dollar hangs on the precipice of falling to a fresh 1995 low against the yen.
Stock futures are pointing slightly higher on Wall Street this morning, following Friday’s lackluster session.
Concerns about the US jobs market were validated last week with yet another troubling employment report from the Labor Department.
On Friday, government data showed a larger-than-expected drop in July payrolls.
Looking at today’s currency charts, the dollar was on pause versus the euro, holding with a penny of Friday’s 3-month low of 1.3333.
The dollar was stuck at 1.5950 versus the sterling, having come within a whisker of 1.6000 for the first time since February.
Against the yen, the buck steadied near Y85.50 after testing its 15-year low of 84.80 late last week.
The Federal Reserve will gather in Washington this week to announce the latest interest rate decision.
Policymakers are expected to keep rates near zero for “an extended period,” and signal concerns about the pace of the economic recovery.
