In the Asian trading session, the U.S. dollar rallied against other currencies on the weak economic data. The trading session on Monday morning showed a higher U.S. dollar index, as it went up by 0.04 % to trade at 82.36.
The EUR/USD traded at 1.3013, which was 0.04 % lower than its higher level of 1.3031. The analysts expected the pair to find resistance at 1.3300 and gain support at 1.2983. This is the lowest level since last December, at which the euro is trading against the dollar. The major reason for this setback is perhaps the growing political uncertainty in Italy, as Beppe Grillo suggested Italians to seize a referendum on the euro.
The GBP/USD pair slumped by 0.01 %, as it traded at 1.5034, with anticipated resistance being at 1.5171 and support was expected at 1.5010. The Japanese currency showed some growth against USD, as the USD/JPY pair was trading at 93.39, which is lower by 0.17 %. The monetary base data released by the Bank of Japan showed a growth of 15 % on Monday, which was much more than the estimated 11.5 % raise.
Elsewhere, the U.S. dollar showed some strength against the Australian dollar in the Asian session. The AUD/USD pair was trading at 1.0156 early morning on Monday to report a drop of 0.46 %. The currency duo was likely to gain strength at 0.9700, while face resistance at 1.0553. The shedding can be attributed to the recent low Australian economic data, which showed a slump in the building approvals rate by 2.4 % than last month.
On the other hand, the NZD/USD pair plummeted by 0.39 % at it traded at 0.8220. The EUR/JPY also shed by 0.14 % to trade at 121.62, whereas the GBP/JPY went down by 0.17 % as it was trading at 140.41. Elsewhere, the AUD/JPY also slumped by 0.61 % to trade at 94.86 level. The British Pound looked weak against the Euro as the EUR/GBP rallied up by 0.03 % to reach the 0.8661 mark.
The U.S. economic data did not influence the U.S. dollar much, as the vital data, the nonfarm payroll report, from the United States will not be out until the end of the week.