The US dollar retreats after recent gains

The US dollar retreats after recent gains

NEW YORK, Feb. 27 (Xinhua) — The U.S. dollar weakened in late trade on Monday as currency traders took some profits off the table following the greenback’s recent rally.

The dollar index, which measures the dollar against six major peers, fell 0.51 percent to 104.6775.

In late New York trading, the euro rose to US$1.0607 from US$1.0551 in the previous session, and the British pound was up at US$1.2057 from US$1.1946 in the previous session.

The US dollar bought 136.24 Japanese yen, down from 136.39 Japanese yen from the previous session. The US dollar was down to 0.9359 Swiss francs from 0.9404 Swiss francs and it fell to 1.3578 Canadian dollars from 1.3604 Canadian dollars. The US dollar fell to SEK 10.4012 from SEK 10.4959.

The US currency had appreciated significantly recently to hit a seven-week high on Friday, supported by expectations that US interest rates will remain on hold for longer.





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