Forex - Dollar lower against yen, euro steady

ForexJun 16, 2014 02:40AM ET
Dollar slides against firmer yen, euro steady - The dollar slid lower against the yen on Monday as concerns over the escalating conflict in Iraq bolstered safe haven demand for the Japanese currency, while the euro was steady close to 4-month lows against the dollar.

USD/JPY was down 0.20% to 101.78 from 102.03 late Friday.

The pair was likely to find support at 101.35 and resistance at 102.40.

Concerns over the ongoing Sunni insurgency in Iraq continued to weigh on market sentiment, amid fears over the impact of reduced oil supply from one of the world’s largest producers on global growth.

Investors were also cautious ahead of the outcome of the upcoming Federal Reserve policy meeting on Wednesday, as they await fresh indications on the timing of possible interest rates increases.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, eased 0.10% to 80.67.

The euro was almost unchanged against the dollar, with EUR/USD at 1.3539, not far from the four month trough of 1.3502 struck after the European Central Bank eased monetary policy earlier this month.

Elsewhere, the euro moved lower against the stronger yen, with EUR/JPY down 0.25% to 137.82, close to the four month low of 137.71 set late last week.

Forex - Dollar lower against yen, euro steady

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