The U.S. dollar declined against other major currencies in early Asian trading on Monday as traders reduced holdings of low-yielding assets amid signs of political progress in Greece.
Greece's New Democracy, which supports the plan negotiated with international lenders, placed first in all six opinion polls published on May 26 as campaigning continued for next month's general election. The party led by a margin of as much as 5.7 percentage points over Syriza, the main party opposed to implementing the terms of financial aid packages, reports suggested quoting a poll by Kapa Research SA for To Vima newspaper.
The dollar that ended Friday's trading at 79.66 against the yen fell to a 4-day low of 79.42. The next downside target level for the dollar-yen pair is seen at 79.2.
The dollar slipped to 1.2597 against the euro and 1.5701 against the pound, compared to Friday's close of 1.2515 and 1.5655, respectively. If the dollar weakens further, it may likely target 1.262 against the euro and 1.575 against the pound.
The dollar dropped to 0.9545 against the Swiss franc from Friday's close of 0.9600. On the downside, 0.950 is seen as the next target level for the U.S. currency.
Against the Canadian dollar, the U.S. dollar declined to 1.0253 and the next downside target level for the greenback is seen at 1.023. At last week's close, the greenback-loonie pair was quoted at 1.0304.
The U.S. dollar edged down to 6-day lows of 0.7632 against the New Zealand dollar and 0.9863 against the Australian dollar. If the greenback slides further, it may target 0.765 against the kiwi and 0.990 against the aussie. The kiwi-greenback and the aussie-greenback pairs were worth 0.7529 and 0.9754, respectively at Friday's close.
There are no major economic reports due from the Europe and U.S. today.
The U.S. financial markets are closed for Memorial Day holiday.
by RTT Staff Writer
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