Euro consolidates but keeps 1.3500 in sight
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The dollar is stronger on balance, as markets turned more cautious on Monday although most crosses are consolidating in ranges as stocks in Europe and the US take a breather at multi-years highs.
The euro is little changed, recovering from early losses despite soft eurozone data although momentum is lacking and EUR/USD remains well within its Friday's range, oscillating between 1.3425 and 1.3480 without a clear driver.
In the US, a much better than expected durable goods orders report was offset by disappointing home sales, leaving investors undecided and indexes mixed in Wall Street.
"While financial markets have started the week in a somewhat diffident mood, foreign currencies could recover later in the week", says Nick Bennenbroek, Head of Currency Strategy at Wells Fargo Bank. "The key events this week are from the U.S. – the Federal Reserve should continue with its quantitative easing policy, while economists expect another steady jobs report".
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