The US dollar strengthened versus the majors during yesterday's trade as geopolitical events in the Middle East helped to move traders into the greenback. Renewed violence in Libya, Bahrain, and Yemen sparked dollar buying. US markets were closed yesterday in observance of Presidents Day.
Over the weekend, the House of Representatives approved new budget cuts of $61B. A vote from the Senate is not expected until next week.
In Asian trading, the EUR/USD was down at 1.3580 from an opening week price of 1.3692. The GBP/USD was lower at 1.6156 from 1.6250 while the USD/CHF was up at 0.9485 from 0.9445.
After a day lacking US economic data releases, US consumer confidence numbers will be released today at 15:00 GMT. Market expectations are for the report to show improving sentiment in the US economy which could support the dollar. The greenback slumped last week versus the majors as growing expectations for interest rate increases in Europe expanded.
The EUR/USD has support and resistance that comes in at 1.3540 and 1.3740, respectively.