The dollar recorded a very bearish trading session on Monday. This was following impressive gains for the U.S. currency on Friday. Traders were pessimistic prior to an upcomng meeting of European finances ministers to curb the region’s debt crisis.
We usually see the dollar climb when there is a U.S. stock market slump. The opposite happened on Monday as traders decided to selloff the U.S. currency. One of the reasons for this may well be that the dollar was overbought during early trading. Therefore, what we have seen since is a natural market correction.
The EUR/USD pair was trading at $1.2313 at the time of writing, a gain of 0.23%. The GBP/USD pair was trading higher at the time of writing by 0.2% higher at $1.2310.
The USD could continue sliding versus its peers in late trading this Monday. Therefore, traders should take a look at the possible trading opportunities available.