The U.S. dollar climbed yesterday against most of its major currency counterparts. The dollar began Monday's trading session with a 120 pip gain against the euro, and the EUR/USD reached as low as the 1.3430 level. The dollar also saw a 40 pip gain vs. the Japanese yen.
The dollar strengthened today against most of its rivals after analysts released their projection for the economic indicators which are expected later on this week. The forecasts include positive results for some of the more significant economic indicators, such as the Retail Sales and Consumer Price Index, and as a result supported demand for the greenback.
Another support for the dollar came after European finance ministers ruled out immediate steps to fight the region's debt crisis. This has weakened the euro, and as a result boosted its primary rival - the USD.
Looking ahead to today, many significant publications are expected from the U.S. economy. Most attention should be given to the Retail Sales reports and to the Long-Term Purchases indicator, which represents the balance of domestic and foreign investment. These reports are expected to show positive results. If the end results will meet expectations, the dollar may see another bullish session today.