During early deals on Monday, the US dollar and the Japanese yen edged down against their major counterparts as a rise in Asian and European stock prices reduced demand for currencies perceived as safe havens.
The dollar and the yen are viewed as safe-haven currencies and both currencies gain, when investors turn risk averse and fall when risk appetite improves.
The dollar slipped to a 6-day low against the European currency, 13-day low versus the British pound, 4-day low against the Swiss franc, while edged higher to a 6-day high against the Japanese yen.
Against the European currency, the US dollar edged down during early deals on Monday. At 3:05 am ET, the dollar touched a 6-day low of 1.4363 against the euro, compared to 1.4312 hit late New York Friday. The next downside target level for the US currency is seen around 1.445.
The Sentix investor confidence indicator for the Eurozone rose to minus 14.61 in September from minus 17 in August. Economists had forecast a reading of minus 13.7. Among the sub-indicators, the current situation index moved to minus 32.75 from minus 39, while the expectations index fell to 5.50 in September from 8 in August.
The US currency that closed Friday's North American session at 1.6399 against the British pound slipped to a 13-day low of 1.6445 at 3:35 am ET Monday. The pound-dollar pair is currently trading at 1.6419 with 1.660 seen as the next target level.
Against the Swiss franc, the greenback traded down during Monday's early deals. At 3:05 am ET, the dollar-franc pair declined to a 4-day low of 1.0558, compared to Friday's closing value of 1.0603. If the pair falls further, 1.054 is seen as the next target level for the pair.
The US dollar gained ground after hitting a low of 92.95 against the Japanese yen during today's early Asian deals. At 4:15 am ET, the dollar-yen pair climbed to a 6-day high of 93.31. On the upside, 93.6 is seen as the next target level for the pair. The pair closed Friday's New York deals at 93.01.
The Japanese yen showed weakness against its major counterparts during today's early deals.
The Japanese currency edged down to a 10-day low of 153.29 against the British pound and a 6-day low of 133.89 versus the European currency during today's early deals. If the Japanese yen falls further, 154.1 against the pound and 134.5 versus the euro are seen as the next target levels. The yen closed Friday's deals at 152.53 against the pound and 133.11 against the euro.
Against the Swiss franc, the Japanese unit showed weakness during today's deals. At 4:15 am ET, the yen slipped to a 6-day low of 88.32 against the franc, compared to Friday's closing value of 87.76. The next downside target level for the Japanese yen is seen around 88.6.
The U.S. financial markets are closed today in observance of the Labor Day holiday.
News are provided by InstaForex.