Finance / Insurance

The dollar fell on Monday, following promising performance after optimistic US housing and consumer data last week. Investors are still wary about the fragility of the US economy opting to play it cautious, as an onslaught of economic data that is released this week.

Oil prices were also a factor in the dollar’s slump, as crude oil prices rose after a seven week low.

Analysts have suggested that the US housing market could become more stable when the rescue package that Congress passed recently, is signed by the President. This is thought to be happening soon and has already had an impact, as it raised US banks and mortgage lenders shares during the last fortnight.

The euro was slightly up and held steady against the dollar, even after it was revealed that German consumer confidence had hit the lowest point in five years.