TOKYO - The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe.
Although the political turmoil is a euro-bearish story, "as the euro accounts for around 57% of the US dollar index weighting, the fall of the euro has indirectly benefited the dollar," said Matt Simpson, senior market analyst at City Index. The week is light on major U.S. economic data to help clarify the Fed's outlook, although U.S. retail sales on Tuesday and flash PMIs on Friday may give hints about consumption and economic strength."Data would likely have to miss estimates by a wide margin to rekindle bets of more Fed cuts, with the FOMC meeting still freshly in the minds of investors," said City Index's Simpson.
The yen was last up 0.05% at 157.41 per dollar, after slipping to 158.26 after Friday's decision, its lowest since April 29. Donald Trump issued an angry and confrontational Father’s Day message Sunday, using the occasion to lash out at his enemies and issue a hyperbolic plea for votes in November’s presidential election.
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