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Dollar Mixed As Wall Street Has A Case Of The Mondays

Dollar Mixed As Wall Street Has A Case Of The Mondays
4/23/2012 7:21 AM ET

With stock futures pointing to a 100 point loss for the Dow Industrial average, the safe haven dollar was stable versus its European counterparts but weaker versus the yen Monday morning.

The overnight release of Euro zone PMI data also gave the dollar a modest lift.

The buck rose to $1.3130 versus the euro, up from a 3-week low of $1.3227. The pair has been locked in a tight range for most of 2012.

Eurozone private sector activity declined further to a 5-month low in April, flash estimate published by Markit Economics showed Monday.

The composite output index dropped unexpectedly to 47.4 in April from 49.1 in March. Economists were forecasting the reading to rise to 49.3. A reading below 50 suggests contraction in the private sector.

German private sector growth eased in April with activity reaching levels close to stagnation, a survey by Markit Economics revealed Monday.

The Spanish economy slipped back into recession in the first quarter of 2012, fueling concerns that the country may fail to meet the deficit targets, which may force the government to seek an international bailout.

Political upheaval in France and the Netherlands also weighed on the euro.

The dollar found support after touching a 7-month low of $1.6148 versus the sterling, improving to $1.6083 as of 7 am ET.

The dollar was stuck in the mud versus the yen, slipping to Y80.96.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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