Dollar lower against flat currencies
April 11, 2005
The U.S. dollar fell in relation to the euro, sterling, the Swiss franc, the yen, and the Canadian dollar on Monday, and analysts say this likely signals an end to a month-long rally in the value of the dollar.
Analysts, citing data showing that by April 5 short positions in the dollar had fallen to their February 8 levels, the point where an early-year rally in the dollar had ended, said that the implication seemed to be that the recent rally was spurred by the liquidation of short-dollar positions.
Trade data due out on Tuesday was not expected to charge the dollar’s position in any significant way. Major currencies, although up in relation to the dollar, remained little-changed otherwise. Sterling was flat in relation to the euro and slightly lower against the yen. The yen, in turn, was somewhat higher in relation to the euro.