The Dollar at a Two-Week Low

The dollar held near two-week lows on Monday, held in check by a message from the US Federal Reserve chairman that there is no rush to withdraw massive stimulus.

The US currency’s allure took a hit since Friday, when Federal Reserve Chairman Jerome Powell said a gradual reduction of stimulus could begin this year, but added that the central bank would remain cautious.

Investors responded by sending the dollar index, which measures the value of the US currency against major rival currencies, lower to hit a two-week low of 92.595 before settling around 92.66, still slightly lower on Monday.

And the euro was trading at 1.1804 dollars, to witness stability during the session, but it is close to the highest level in three weeks, which it touched in Asian trading at 1.1810 dollars.

The Japanese yen rose to its highest level since last Wednesday at 109.70 per dollar.

And quiet trading prevails in Europe as a whole because of the holiday in Britain.