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Dollar Retreats After Early Uptick

The U.S. dollar climbed higher against some of its major counterparts in the Asian session on Monday, but slowly lost its way mid-way through and turned weak against a few currencies.

The dollar surged on safe-haven appeal as geopolitical tensions in the Middle East heightened following Hamas’ violent attack on Israel over the weekend.

Israel retaliated, and the fierce battle has already claimed over 1,100 lives.

Israeli military said it targeted over 800 locations of Hamas in Gaza since the beginning of the escalation.

The conflict prompted investors to seek safe-haven assets such as gold and the dollar.

The dollar index, which climbed to 106.60 in the Asian session, dropped to 106.02 and is currently at 106.07, up just marginally over the previous close.

Against the Euro, the dollar firmed to 1.0520 before paring gains, and is trading at 1.0568 now, still fairly up from Friday’s close.

The dollar is up marginally against Pound Sterling at 1.2235, and against the Japanese currency, it is trading at 148.43 yen, losing more than 0.5%.

The dollar is weak against the Aussie at 0.6409. Against Swiss franc, it has eased to CHF 0.9067 from CHF 0.9099. Against the Loonie, the dollar is weak at C$1.3590.

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