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CURRENCIES : Dollar Falls For A 4th Session In A Row

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05/14/2018 | 10:55am CEST

By Victor Reklaitis, MarketWatch

Analyst: Buck's buyers have called a timeout

A popular gauge for the dollar was slipping early Monday, putting it on track for its fourth down session in a row.

The index is holding on to a sizable month-to-date gain, but strategists say sentiment on the buck has turned more downbeat.

What are currencies doing?

The ICE U.S. Dollar Index -- which measures the greenback against a half-dozen counterparts -- fell 92.367, down from 92.509 late Friday in New York.

On Friday, the gauge suffered its third-straight loss , as well as its first weekly decline after three consecutive weekly gains. It's up 0.6% so far in May, cutting its drop over the past 12 months to about 7%.

Check out:How much juice is left in the dollar rally?

The euro rose to $1.1977, up from $1.1942 late Friday, while the pound advanced to $1.3589 from $1.3542.

Don't miss:Here's Bank of America's case for buying Britain's unloved stocks

But the greenback strengthened slightly against the Japanese yen , buying Yen109.52 versus Yen109.39 late Friday in New York.

What are strategists saying?

"After a number of weeks where the dollar bulls have habitually seen the glass as half full, buying into weakness and breaking key medium- and long-term technical resistance, the mood has slipped," said Richard Perry, a Hantec Markets analyst, in a note.

"This may only be a temporary blip that could easily be brought back in line by a strong read on tomorrow's retail sales numbers, but for now the buyers are taking a timeout," Perry added.

"With a limited economic calendar today, politics is in focus to an extent with the increasing prospect of a populist government forming in Italy, whilst the China-U.S. trade dispute is also back in the spotlight after President Trump tweeted on Sunday that he is working with the Chinese president."

What's driving the market?

The euro was gaining even as two Italian political parties reached a deal that puts the country on course to be led by an antiestablishment and euroskeptic governing coalition .

Meanwhile, losses for the dollar may have been getting limited thanks to comments from Cleveland Federal Reserve President Loretta Mester, who is seen as a relatively hawkish Fed official. The U.S. central bank might have to raise interest rates above 3%, she said Monday in a speech in France .

St. Louis Fed President James Bullard is due to speak later Monday, talking about cryptocurrencies at the CoinDesk Consensus 2018 conference in New York at 9:40 a.m. Eastern Time.

There are no top-tier U.S. economic reports scheduled for Monday.

Check out:MarketWatch's Economic Calendar

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