Sharjah24 - Reuters: The dollar kept trade-sensitive currencies pinned near multi-year lows on Monday and the euro was under pressure as investors sought safety due to worries about slowing global growth.
Data on Friday showed euro zone inflation surging to another record, adding to the case for the European Central Bank to raise interest rates this month.
While the euro was flat at $1.0426 on Monday, it was barely above May's five-year trough of $1.0349, highlighting the market's preference for dollars as gloom clouds the outlook.
The Australian and New Zealand dollars hit two-year lows on Friday and were not far from those levels during the Asia session, with the Aussie down 0.1% at $0.6809, after falling as low as $0.6764 on Friday. The kiwi held at $0.6203. [AUD/]
Trade is likely to be lightened ahead of the Independence Day holiday in the United States.
Safety flows tend to support the greenback, especially at the expense of export-driven currencies, when the world economy is weak. This has kept the dollar elevated even as growth fears have tempered U.S. rate hike expectations.
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