Dollar drops on weak U.S. consumer confidence
The dollar fell and hovered near a one-week low on Monday morning in Asia. It dropped to its lowest level in seven weeks on Friday following a sharp decline in the United States’ consumer confidence that reduced the chances of the Federal Reserve tightening its monetary policies.
The U.S. Dollar Index that measures the greenback against other major currencies tallied a crash of 0.02% to 92.498 by 10:45 PM ET (2:45 AM GMT).
The USD/JPY pair shed 0.19% to 109.36.
The AUD/USD pair slid 0.22% to 0.7352, while the NZD/USD pair also dropped 0.02% to 0.7036.
The USD/CNY pair climbed 0.01% to 6.4773, and the GBP/USD pair jumped 0.02% to 1.3866.
Investors mulled over US economic data from the previous week, which revealed that consumer optimism fell to its lowest level since 2011.
Meanwhile, the Fed’s minutes of its last policy meeting will be released on Wednesday, with investors expecting Fed Chairman Jerome Powell’s next move on asset tapering and interest rate hikes.