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Dollar Edges Higher, But More Weakness Likely [Yahoo! Finance News]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
By Peter NurseInvesting.com -- The dollar has posted small gains in early European trade Monday, but the general trend remains one of greenback weakness amid mounting concerns about a slowing U.S. economic recovery from the coronavirus pandemic.At 3:05 AM ET 0705 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.3% at 93.550, rebounding from the two-year low of 92.523 seen late last week.Elsewhere, USD/JPY was up 0.1% at 105.98, GBP/USD was down 0.1% at 1.3070, while EUR/USD was down 0.2% at 1.1755, more than a cent below Friday's two-year high of 1.1908.While the dollar has moved higher Monday, this is widely being seen as a technical reaction to the sharp losses of late, mainly against the euro, and these gains could quickly be eroded.“The dollar heads into August under pressure, having seen its largest monthly decline in three years,” said analysts at ING, in a research note.“The nature of the sell-off suggests a different dyna Show less Read more
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