Dollar ends little changed in lackluster Monday's trading

Market Review - 15/04/2019  23:35GMT  

Dollar ends little changed in lackluster Monday's trading

The greenback remained little changed against majority of its peers on Monday in thin trading conditions ahead of this week's Easter Holiday. Elsewhere, sterling gained on renewed Brexit optimism following news of talks between PM May and opposition Labour party going well.  
  
Versus the Japanese yen, dollar traded with a firm bias and gained to a fresh 4-week high of 112.10 at Asian open before retreating to session lows at 111.89 in early European morning. However, renewed buying there lifted the pair and the greenback rebounded to 112.07 at New York open but later moved narrowly in subdued New York trading.  
  
The single currency also traded with a firm bias and gained to 1.1313 in Asian morning, then higher to session highs at 1.1321 in early European morning. However, price pared intra-day gain and retreated to 1.129+ in New York morning due partly to cross-selling of euro especially vs sterling and later traded narrowly for rest of New York session.   
  
The British pound found renewed buying at 1.3070 in Australia and gained to 1.3102 in Asian morning on dollar's broad-based weakness before retreating to 1.3080 at European open. However, cable erased its losses and ratcheted higher to session highs at 1.3119 in New York morning on news that Brexit talks between UK's PM May and the Labour party were going well, price later reterated to 1.3087 ahead of New York close due to lack of follow-through buying.  
  
Reuters reported talks between the British government and the opposition Labour Party to find consensus over a Brexit plan are more constructive than people think, Britain's Foreign Secretary Jeremy Hunt said on Monday.  
  
"Talks we are having with Labour are detailed and I think more constructive than people have thought," Hunt told BBC radio. "They are more detailed and more constructive than people had been expecting on both sides. But we don't know if they are going to work."  
  
In other news, Reuters reported British Prime Minister Theresa May has said the government will continue to plan for the possibility of a no-deal Brexit, her spokesman said on Monday.  
  
May made the comment in an internal note to staff.  
The European Union last week delayed Brexit until the end of October, averting, for now at least, the risk of an abrupt British departure from the bloc which investors fear would hurt the economy.  
  
May's spokesman also told reporters on Monday that the prime minister was not thinking about calling an early national election as a way to break the Brexit impasse in parliament.  
  
Data to be released on Tuesday:  
  
RBA meeting minutes,China house price index, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU construction output, ZEW economic sentiment, New Zealand GDT price index, Canada manufacturing sales, and U.S. redbook, industrial production, capacity utilization, manufacturing output, wholesale inventories, NAHB housing market index.