The U.S. dollar kicked off the week with a strong performance against major currencies like the euro, British pound, Canadian dollar, and Japanese yen. Here is a brief analysis of how these currency pairs are faring:
EUR/USD: The U.S. dollar gained ground against the euro, as economic data and market sentiment favored the greenback. The pair is currently trading lower compared to last week.
GBP/USD: The British pound also weakened against the U.S. dollar, as uncertainty surrounding Brexit negotiations and economic recovery weighed on the currency. The pair is facing downward pressure.
USD/CAD: The U.S. dollar strengthened against the Canadian dollar, supported by higher oil prices and positive economic data out of the U.S. The pair is on an upward trend.
USD/JPY: The U.S. dollar saw gains against the Japanese yen, as market risk appetite increased and safe-haven demand for the yen decreased. The pair is trading higher compared to previous levels.
Overall, the U.S. dollar started the week on a positive note, with strong performances against major currencies. Traders will be closely monitoring economic data and market developments for further direction in these currency pairs.