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May 26 2015, 07.20am GMT


Will the U.S. dollar (USD) continue with its impressive run or will the euro (EUR) manage to recover from its constant declines?

On Monday, the U.S. dollar (USD) retained its strong surge against the euro (EUR) and the Japanese yen (JPY) after comments by Janet Yellen, Chairperson of the Federal Reserve, last week as well as renewed speculation regarding the debt problems in Greece.

The EUR slumped after Greek leaders made it quite clear that the country won’t remit their IMF (International Monetary Fund) repayments due in June. The slump in the single currency can also be attributed to political heat as a result of municipal and regional elections in Spain.

The U.S. dollar (USDJPY, +0.84%) traded at a high of ¥121.78 before finally dropping to ¥121.53 which is slightly lower than ¥121.55 traded late Friday. The greenback had previously rallied to a year high of 122.04 on the 10th of March this year. This increase was boosted by comments from Yellen while economic data last Friday showed that the core inflation in April in the U.S. made its biggest gain since the beginning of 2013.

Meanwhile, the Nikkei Stock Average (NIK, +0.12%) advanced 0.7% higher to close at 20,413.77, a record high for the first time in 15 years. The solid gain in the benchmark index gave support to the USD while allowing for the selling of the JPY which is perceived as a safer asset.

On Friday, U.S. stocks closed slightly lower ending a week characterized by low trading volumes. Daisaku Ueno, the chief FX strategist at Mitsubishi UFJ Morgan Stanley, commented that traders were scared after the dollar rallied to a year high on the 10th of March. However, after confirming the solid downside support at around ¥118 and ¥119, the greenback was in a better position to trounce the yen.

Elsewhere, the euro (EURUSD, -0.6741%) dropped below the $1.10 level. On Monday, the EUR traded around $1.0980 from a level of $1.1017 reached on Friday. Also, the WSJ Dollar Index (BUXX, +0.16%), gained 0.07% to close at 86.28.

MT4 Chart: EUR/USD

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