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Dollar Held Down by Doubts over Pace of U.S. Recovery

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The dollar started the week pinned near twoweek lows on Monday as traders questioned whether the recovery from the pandemic in the United States would be as fast as expected.

Bitcoin remained volatile, retreating to as low as 45,914.75 a day after reaching a record 49,714.66.

The worlds most popular cryptocurrency had rallied 25 last week, driven by endorsements from Tesla and BNY Mellon.

The dollar index slipped 0.1 to 90.336, close to last weeks low of 90.249 a level unseen since Jan. 27.

The gauge hit a twomonth top of 91.6 on Feb. 5 on hopes that a U.S. rebound would outpace other major economies, but has since pulled back amid disappointing employment data.

Now the market is looking for actual evidence that the U.S. economy is outperforming, said Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo.

The economic data needs to improve.

The euro edged 0.1 higher to 1.21315, extending last weeks 0.6 advance.

The dollar rose 0.1 to 105.04 yen, recovering some of the previous weeks 0.4 loss.

Many financial markets in Asia remained closed on Monday for Lunar New Year, with the United States also out for Presidents Day.

Riskier currencies gained against the greenback, with the Australian dollar adding 0.3 to 77.795 U.S. cents after earlier touching a onemonth high of 77.85.

The British pound appreciated 0.3 to 1.3895 after renewing an almostthreeyear high at 1.3901.

The Chinese yuan reached its strongest level since June 2018 at 6.4012…

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