Dollar falls in quiet trading
Stronger Asian equities support demand for euro and pound, despite uncertainty about corporate results. European markets closed for Easter.
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| Click the chart for current FX rates. |
NEW YORK (CNNMoney.com) -- The dollar fell in thin trading Monday as demand for riskier currencies remained strong.
Trading volume was light with European markets closed for the Easter holiday, which can amplify otherwise modest swings.
Higher-yielding currencies, such as the euro and pound, gained against the dollar as rising stock prices in Asia boosted investors' appetite for risk, according to Boris Schlossberg, director of currency research at Global ForEx Trading in New York.
"High-risk currencies are up on the dollar because equity markets in Asia were mostly positive overnight," Schlossberg said.
The dollar fell 1.4% versus the euro at $1.3372. It dropped 1.2% against the pound to $1.4854. Against the Japanese yen, the dollar lost 0.1% to ¥100.14.
Meanwhile, U.S. equity indexes ended the day mixed as investors prepared for a slew of quarterly results from financial services companies and worried about a possible General Motors bankruptcy.
This week brings quarterly results from a number of financial companies, including Citigroup (C, Fortune 500) and JPMorgan Chase (JPM, Fortune 500). Some investors think this week's reports could show signs that the worst of the financial crisis is over.
Financial firm Goldman Sachs (GS, Fortune 500) reported stronger-than-expected earnings after stock trading closed in New York.
Earlier in the day, a New York Times report said the Obama administration had instructed General Motors (GM, Fortune 500) to start preparing for a bankruptcy filing by June 1. GM has already been given billions of dollars in loans from the government to help keep the ailing automaker afloat. 
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