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The dollar fell slightly against a basket of currencies in light post-holiday trading Monday, while the Canadian dollar and the Russian rouble strengthened, fuelled by news that the United States planned to tighten sanctions on Iranian oil exports from May.
The dollar index, which measures the exchange rate of the dollar against six major currencies, fell 0.2% to 97.283. The index hit a two-week high of 97.485 late last week.
The dollar was almost flat against the yen, while the euro rose 0.11% against the dollar.
Financial markets in Australia, Hong Kong and many major European countries were closed for Easter holidays on Monday. Global foreign exchange transactions are still ongoing, but are expected to be light.
Brad Bechtel, global head of Jefferies Exchange, said, "Since most markets are still closed for Easter and Passover holidays, there is not much news at the beginning of the week."
The dollar failed to gain support from the data. Data show that due to supply constraints, home sales in the United States fell more than expected in March.
The dollar has strengthened in recent weeks as the U.S. 10-year bond yield has gradually risen, and after a weak start at the beginning of the year, including better-than-expected retail sales in March, signs that the U.S. economy has strengthened.
Analysts said traders would closely watch Friday's GDP report for further clues about the nature of the U.S. economy.


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