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US dollar stages mild recovery in Asian trade

Major currencies were mostly weaker against the US dollar on Monday as it recovered from its biggest weekly drop in 13 months.

The dollar index, a measure of the US currency against a basket of global peers, was up 0.2 per cent at 97.285 in Asia today. The buck hit a five-and-a-half-month low on Friday as James Bullard of the St Louis Federal Reserve said the central bank’s projected path for lifting interest rates might be “overly aggressive”.

The greenback fell 2.1 per cent last week for its biggest weekly loss since late April last year. All the dollar’s gains since the election of President Donald Trump in November have been erased.

The Japanese yen was down by one-fifth of one percentage point at ¥111.48 per dollar today, weakening after trade data showed exports and imports grew in April but by a slower pace than economists had forecast.

The Australian dollar was 0.2 per cent weaker at $0.7444.

Among major currencies, only the British pound was worse this morning, down 0.3 per cent at $1.2995. Sterling on Friday closed above $1.30 for the first time since late September.