At the start of this week, traders in Asia supported riskier currencies over USD. This made the U.S. dollar trade lower when compared to its foremost rivals. While for the EUR/USD pair, an increase of 0.10% made this pair reach 1.3133. This increase came in much against the anticipated predictions for the statement made by Oskar Lafontaine, the German Finance Minister, who is also one of the drafters of common currency in favor of breaking up the single currency union.
The USD/CHF pair slipped by 0.09% reaching 0.9345. The USD/CAD, which fell by 0.06% to finish at 1.0078, which is due to the 1% increase seen in the price of oil.
The USD/JPY pair showed a rise of 0.07% reaching 99.11, similar was with GBP/USD that rose 0.7% to reach 1.5585.AUD/JPY fell 0.33% to 101.86.
For the other pair, which is the AUD/USD, a slip of 0.24% led to the pair reaching 1.0294, this is just before the retail report for March is all set to release later today. For NZD/USD, it seems a good day with a hike of 0.10% reaching 0.8548, compared to USD which saw a 0.09% slip reaching 82.08.
Later in the day, Government in Portugal will hold a meeting about slashing 30,000 jobs in the government sector based on the austerity plan. The plans are a part of the EUR78 billion.
Coming back to other currencies, the AUD saw a fall against the USD in the Monday session for Asian traders followed by a disappointing retail sales report.
The trading Monday in Asia marked a 0.39% fall for the AUD/USD pair to 1.0278. The pair is speculating to stay at 1.0220, seeing the low resistance of 1.0380 on Thursday. The pair managed to close at a modest high on the close of last week.
The news flowed in just before the day when the next monetary policy meeting is to take place, held by the Reserve Bank of Australia. The overall cash rate for Australia however is 3%, which is relatively low for the standard this country has. Nevertheless, when compared to the other developing economies this stands highest.