U.S. Dollar Retreats Against Majors

The U.S. dollar retreated from its early highs against the other major currencies ahead of European session on Monday.

The U.S. dollar fell to a 4-day low of 1.5745 against the pound, from an early high of 1.5702.

Against the euro and the Swiss franc, the greenback edged down to 1.2466 and 0.9641 from early highs of 1.2432 and 0.9659, respectively.

Pulling away from 4-1/2-year high of 0.8203 against the Australian dollar and a 5-day high of 0.7729 against the NZ dollar, the greenback edged down to 0.8258 and 0.7769, respectively.

Against the yen, the greenback edged down to 118.13 from an early high of 119.05. This may be compared to an early 4-day low of 117.77.

The greenback edged down to 1.1547 against the Canadian dollar, from an early high of 1.1589.

If the greenback extends its downtrend, it is likely to find support around 1.25 against the euro, 1.58 against the pound, 0.95 against the Swiss franc, 116.50 against the yen, 1.14 against the loonie, 0.83 against the aussie and 0.78 against the kiwi.