The world's reserve currency climbed in value on Monday against the shared currency of the European Union as the second quarter's final month kicked off, according to Bloomberg.
The greenback climbed higher against the 18-nation monetary unit as economists anticipated data about manufacturing in the U.S. will show growth when released later during the Monday trade session. Policy makers with the central bank of Europe are preparing to meet late this week, and traders and analysts are watching for signs of economic stimulus that the body is likely to implement.
"It looks likely that euro will be pushed around by the European inflation data," senior analyst Toshiya Yamauchi with at Ueda Harlow Ltd. in Tokyo told the news outlet on Monday. "The bias in euro is down ahead of this week's ECB meeting, and that should help support the dollar."
The greenback rose about 0.2 percent against the euro on Monday, the first trading session of June.
Policy makers with the European Central Bank are set to meet on Thursday in Germany, according to Reuters, which noted last month that one option the body is considering is slashes to borrowing costs.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
