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The dollar gained against its European counterpart in Asian trading Monday ahead of a meeting of euro-zone finance ministers later in the global day.

Most currency pairs stuck to recent ranges ahead of a U.S. market holiday to honor Martin Luther King Jr.

Today’s U.S. holiday and an absence of key data releases will limit market direction short-term, said Adam Cole, global head of foreign-exchange strategy at RBC Capital Markets.

European Union finance ministers will gather Monday and Tuesday for a regular meeting, and are likely to discuss the European Financial Stability Facility (EFSF) support fund they established last year in response to the region’s debt woes.

Global currency plays

Marc Chandler, global head of currency strategy, Brown Brothers Harriman, gives his view on U.S. dollar, the euro, China and the emerging markets.

“Euro-zone finance ministers meet in Brussels today, and while the future of the EFSF will no doubt be discussed, major policy announcements are unlikely at this stage, which may disappoint” the euro, Cole said in a note to clients Monday.

The euro (EURUSD 1.3308, -0.0080, -0.5977%) changed hands at $1.3331, down from $1.3376 in late North American trading Friday. See real-time currency quotes and tools.

Against the yen, the dollar (USDYEN 82.8700, +0.1300, +0.1570%) edged down to ¥82.89 from ¥82.94 late Friday.

The British pound (GBPUSD 1.5840, -0.0023, -0.1450%) bought $1.5862, compared with $1.5864 late Friday.

The Australian dollar (AUDUSD 0.9874, -0.0031, -0.3129%) slipped to 98.68 U.S. cents from 98.95 cents late Friday

The dollar index (DXY 79.34, +0.18, +0.22%) , which tracks the greenback against a basket of six other currencies, rose to 79.251 from 79.093 late Friday.

    Posted in : Business

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