Currencies Overview: Dollar Falling to 8-Week Low

The dollar fell to a nearly eight-week low against other major currencies on Monday, amid speculation that US Federal Reserve Chairman Jerome Powell will avoid talks on easing bond purchases at this week’s meeting.

The dollar reached 107.71 yen, close to the lowest level since the fourth of March.

The euro rose to $1.2117, extending the gains it made on Friday after positive data on services and manufacturing activities in Europe.

The pound sterling was up 0.2% in recent trading at 1.3902, adding to its 0.3% increase in the previous session.

The dollar was little changed against the Swiss franc at 0.91225, near a two-month low.

In emerging markets, traders are watching the Turkish lira to see if it will reach an all-time low of 8.58 to the dollar due to deteriorating relations with the United States and concerns about the central bank governor’s inclination to ease. The lira was last trading at 8.4225.

The yuan rose in internal transactions to 6.4889 dollars, close to a six-week high.

The Australian and New Zealand dollars advanced towards their highest levels in a month, but traders say they are likely heading towards tracking the effects of global commodity price movements.

In the cryptocurrency market, Bitcoin returned to surpass the level of fifty thousand dollars and was in the latest transactions high 6.7% to 52 thousand and 417 dollars, and its smaller competitor Ethereum increased 6% to 2460 dollars, to compensate for some of the losses it incurred from last week.