The dollar was pinned near a three-year low on Monday as a US government shutdown encouraged investors to add to bearish bets against the greenback while the euro consolidated recent gains. On Monday, the euro edged 0.1 percent higher to $1.22430 and not far away from a three-year peak of $1.2323 that it scaled on Wednesday. Meanwhile, latest positioning data showed dollar bears extended bets against the greenback last week as political wrangling dented investor confidence. In order to break the impasse, Republican and Democratic leaders of the US Senate held talks on Sunday. It is not reading too far into the shutdown, which is more like a political show,” said Koji Fukaya, president of FPG Securities in Tokyo.

Source: Egypt Independent January 22, 2018 08:48 UTC