U.S. dollar retreats after strong weekly gains
NEW YORK, Feb. 12 (Xinhua) -- The U.S. dollar decreased against most other major currencies on Monday, after recording its biggest weekly gain since December 2016 last week.
The U.S. dollar index surged 1.4 percent last week, notching the largest weekly gains since December 2016, as a heavy sell-off in U.S. equities forced investors betting against the U.S. currency to unwind their positions.
With no major economic data due out Monday, investors watched closely on the U.S. stocks, which continued to rebound from their worst weekly performance in two years. The continued rebound in stocks helped to calm down anxious investors and made haven currencies less attractive.
Meanwhile, traders kept a close eye on Wednesday's consumer price inflation data, which will be a barometer for the anticipated March interest rate increase by the Federal Reserve.
The dollar index, which measures the greenback against six major peers, decreased 0.26 percent at 90.207 in late trading.
In late New York trading, the euro rose to 1.2285 dollars from 1.2234 dollars in the previous session, and the British pound climbed to 1.3830 dollars from 1.3806 U.S. dollars in the previous session. The Australian dollar gained to 0.7845 dollar from 0.7790 dollar.
The U.S. dollar bought 108.68 Japanese yen, higher than 108.49 yen of the previous session. The U.S. dollar rallied to 0.9389 Swiss franc from 0.9387 Swiss francs, and it moved down to 1.2603 Canadian dollars from 1.2613 Canadian dollars.