Dollar Hits Monthly High Versus Euro

Dollar Hits Monthly High Versus Euro



The dollar was generally stronger Monday morning in New York, extending last week's gains versus the euro and sterling amid lingering concerns about European growth prospects.
After 85.8 percent of private bond holders voluntarily agreed to sign a Greek debt swap deal, the nation should receive a second bailout package, Eurogroup President Jean-Claude Juncker said in a statement on Friday.
However, sluggish economic growth could prevent Greece and other debt-ridden euro zone members from paying back loans in a timely fashion.
The dollar rose to a 4-week high of $1.3078 versus the euro, before leveling off to $1.3110.
The buck jumped to $1.5610 versus the sterling, its highest since January 24.
Italy's economy entered recession as estimated in the fourth quarter for the first time since 2009, due to the deceleration in demand and investment, final data from the statistical office Istat showed Monday.
Gross domestic product declined 0.7 percent from a quarter ago, bigger than the 0.2 percent drop logged in the third quarter.
There was little movement versus the yen, with the dollar holding near Y82.20. On Friday, the buck touched a 10-month peak of Y82.63.
Today's trading will take place in the absence of first-tier economic news from the U.S. Markets will be looking ahead to the Federal Reserve latest rate-setting meeting, scheduled for Tuesday.
Looking at the week's economic calendar from the U.S., traders may pay close attention to the Commerce Department's retail sales report for February, regional manufacturing surveys, jobless claims and the Federal Reserve's industrial production report for February.






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