2021.06.2120:34:00UTC+00Dollar Weakens Against Other Major Currencies

The U.S. dollar retreated from two month highs and posted losses against its major rivals on Monday after a couple of Federal Reserve officials said more progress is needed before Fed should start to scale back some of its economic support.

Fed Chair Jerome Powell is set to appear before U.S. lawmakers on Tuesday to provide an update on the central bank's support for the economy through the pandemic. Investors look ahead to his comments to know if he confirms the hawkish outlook.

New York Fed President John Williams and Boston Fed chief Eric Rosengren are also among the several Fed officials scheduled to speak this week at various places.

The dollar index dropped to 91.83 this afternoon, and was last seen at 91.86, down nearly 0.4% from the previous close.

Against the Euro, the dollar weakened to $1.1920, giving up nearly 0.5%. European Central Bank President Christine Lagarde reiterated today that the central bank will continue to support the eurozone economy by continuing its accommodative monetary policy.

The Pound Sterling strengthened against the dollar, fetching $1.3927 a unit, compared with $1.3802 Friday evening.

Against the Yen, the dollar gained marginally, advancing to 110.30 yen, up from 110.23.

The Aussie strengthened to US$0.7541, rising more than 0.8% from the previous close of US$0.7479.

The Swiss franc weakened to 0.9216 a dollar, sliding from 0.9180. The Loonie firmed to C$1.2362 a dollar from C$1.2465, after crude oil prices rose sharply.