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Business

March 21, 2017

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Dollar lowers

Dollar lowers

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SYDNEY: The dollar slowly ceded ground in Asia on Monday with greenback bulls still nursing grudges after the Federal Reserve´s rate guidance last week proved to be less "hawkish" than many had wagered on.

There was limited initial reaction to the Group of 20 meeting over the weekend, which retained the familiar form of words on currency intervention but dropped a pledge to avoid trade protectionism.

"The G20 Meeting in Baden-Baden was notable for the impasse over free trade between most countries, which want to expand it, and the U.S. which wants to weaken it," wrote analysts at CBA in a note.

"This is not a surprise for market participants judging from the Trump administration rhetoric.

"A holiday in Japan made for thin trading, leaving the dollar a fraction softer near two-week lows at 112.54 yen.

That was a long way from the March top of 115.51 and biased risks to a re-test of the February lows around 111.59/69.Against a basket of currencies, the dollar was 0.16 percent softer at 100.140, having matched a five-week trough set last week in the wake of the Fed´s rate hike. The retreat left a double top on the charts at 102.25/26 that looks bearish for the near-term.

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