Dollar settles after biggest weekly rise in a month

Monday,   16-Jul-2018   03:02 PM (IST)

The dollar edged down on Monday, having notched up its biggest weekly gain in a month last week as investors raised their long bets to the highest level since early 2017, although concerns the economic rebound may be fading has prompted caution about the outlook.Against a basket of its rivals (DXY), the greenback fell 0.2 percent to 94.60 after rising 0.7 percent last week, its biggest weekly rise since mid-June.In early London trading on Monday, the euro edged 0.1 percent higher to $1.1698 after weakening half a percent last week.Latest positioning data, however, continued to signal a bullish outlook for the greenback, with net long positions in the dollar registering another increase prompting net long bets to reach their highest levels since early 2017.A strong rebound in U.S. economic data in the second quarter and the threat of trade protectionism has fueled a near 6 percent rise in the greenback over the last three months but concerns the economic rebound may be fading is prompting some investors to grow cautious about the dollar's outlook.