The US dollar gained on Monday against its major rivals as investors shifted their focus towards the safe haven status of the greenback in reaction of reduced China’s economic growth outlook and meeting of finance ministers from European Countries.

The dollar index DXY which measures the US dollar’s performance versus the basket for six major counterparts advanced to 79.595 on Monday as compared to 79.350 on Friday’s North American trading session. The euro fell to 1.2973 against the US dollar on Monday as compared to 1.3031 on Friday’s late trading hours. If we look at the performance of the euro, the single currency climbed 1.3 percent in last week against the US dollar.

Forex pundits were of the opinion that the euro had a strong last week and correction was overdue. Investors have realized profits ahead of next event which probably could be Spain going for additional rescue funds. Traders were also waiting for Greece’s report from its creditors showing progress of the country in meeting its bailout requirements. In Monday’s meeting of Finance managers, bailout fund of 500 billion euro equivalent to $649.8 billion was approved for European Stability Mechanism. However, investors were still mixed whether Spain will go for a bailout. Analysts foresee that Spain to avail rescue funds is a move which is inevitable.  Germany on the other hand supports Spanish government for not taking the assistance program. German Finance Minister Wolfgang Schauble commented, “The Spanish don’t need an assistance program. That is what the government says over and over again, and we should just trust the Spanish government.”

Among other currencies, the British Pound slipped to 1.6031 against the US dollar on Monday as compared to 1.6141 on Friday. Against the Japanese yen the US dollar traded at 78.32 as compared to 78.64 while the Australian dollar stood at 1.0177 versus the greenback on Monday as compared to 1.0176 on Friday’s session.

The US dollar ended higher versus its major rivals on Monday posting its longest rally since 2008. The greenback mainly benefited from the political crisis in the Greece. The dollar index DXY which measures the performance of the greenback against its six main counterparts advanced to 80.612 on Monday as compared to 80.296 on Friday’s North American trading session. The euro declined to 1.2840 against the US dollar on Monday as compared to 1.2920 on Friday’s late trading hours.

Many analysts foresee that euro will remain under pressure for a longer term. It is being widely argued that if Greece is excluded from the euro zone, Portugal, Ireland and even Spain could end up with the same fate eventually prolonging the pressure on the single currency.

On the other hand strategists also think that though the greenback looks stronger and sustainable but it’s only due to the reason that it looks less ugly as compared to euro. Greenback is gaining on euro’s weakness rather than positive US economic developments.

Among other currencies, the British Pound slightly gained versus the US dollar to 1.6097 on Monday as compared to 1.6076. The Australian dollar fell to 99.72 as compared to 1.0026 on late Friday.

Against the Japanese yen, the US dollar fell to 79.86 on Monday as compared to 79.74 on late Friday.

The greenback surged for the ninth straight session on Thursday. The pair USD/EUR remained volatile in the whole session as Greece was on verge of finding a solution while Banks in Spain collected some financial support; however after remaining lower the whole session the US dollar still ended higher versus the single currency.

The dollar index DXY which tracks the greenback’s movement versus its six major rival currencies gained to 80.159 on Thursday as compared to 80.083 on Wednesday’s North American trading session. The single currency fell to 1.2943 versus the greenback on Thursday as compared 1.2954 on Wednesday’s late trading session.

Among other currencies, the British Pound gained to 1.6156 against the US dollar on Thursday as compared to 1.6141 on late Wednesday. The Pound Sterling was stronger as the Bank of England kept its key interest rate flat at 0.5 percent and no changes were made to boost its assets purchase program.

Against the Japanese yen the US dollar gained to 79.99 on Thursday as compared to 79.65 on late Wednesday.

The Australian dollar gained to 1.0099 versus the US dollar on Thursday as compared to 1.0058 on late Wednesday.

Greenback kept its upward rally for the eight consecutive session on Wednesday as the single currency further plunged on the increased chances that Greece could be excluded from the European Union. The board of directors of the euro zone rescue fund disclosed on Wednesday that they will hold back 1 billion euros equivalent to $1.29 billion as a part of 5.2 billion euro Greece’s bailout package. According to EFSF, Greece will receive 4.2 billion euros on Thursday.

The dollar index DXY which tracks the US dollar’s performance versus its six major rival currencies gained to 80.083 on Wednesday as compared to 79.719 on Tuesday’s North American trading session. The single currency fell to 1.2954 against the greenback on Wednesday as compared to 1.3014 in Tuesday’s late trading hours.

Senior currency strategist, Eric Viloria from Forex.com commented, “Without decisive leadership, markets are questioning the ability and willingness of [Greece] to adhere to austerity measures required in order to receive future aid payments.”

Further to add pressure to the euro, the yield on Spanish 10-year debt jumped above its psychological barrier of 6 percent which is highest since April. The

Among other currencies, the British Pound declined to 1.6141 against the US dollar as compared to 1.6158 while the greenback fell to 79.65 versus the Japanese yen on Wednesday as compared to 79.81 on late Tuesday.

The Australian dollar fell to 1.0058 versus the greenback on Wednesday as compared to 1.0125 on late Tuesday.

The US dollar gained for the seventh consecutive session on Tuesday against its major rivals in reaction to the euro zone’s political and economic crisis. Investors were also concerned over the health of the Spanish banks.

The single currency declined to 1.3014 against the US dollar on Tuesday as compared to 1.3053 on Monday’s late trading hours. The pair EUR/USD touched its intraday low of 1.2981 versus the greenback

The dollar index DXY which tracks the US dollar’s movement versus its six major rival currencies gained to 79.719 on Tuesday as compared to 79.611 on Monday’s North American trading session. For the dollar index it was the seventh consecutive session surge since September 2008 when Fannie Mae and Freddie Mac were taken under by US government before filling of Bankruptcy by Lehman Brothers.

Currency strategist, Neil Mellor from the Bank of New York Mellon commented, “the euro must now face up to a renewed period of heightened political uncertainty, which will include even more critical questions surrounding Greece’s membership [in Europe’s Economic and Monetary Union] and Germany’s growing political isolation.”

Among other currencies, the British Pound fell to 1.6158 against the US dollar on Tuesday as compared to 1.6185 on late Monday. Against the Japanese yen, the greenback slipped to 79.81 on Tuesday as compared to 79.95 on late Monday.

The Australian dollar fell to 1.0125 against the US dollar on Tuesday as compared to 1.0207 on Mondays’ late trading hours.

The US dollar gained versus its major rivals on Friday after a volatile session despite weak US jobs data. According to the latest report of the US Labor Department, only 115,000 jobs were created in the last month while the unemployment rate stood at 8.1 percent as compared to 8.2 percent in the prior month. The disappointing data boosted assets like Treasury bonds and also lifted the safe haven status of the greenback.

The ICE dollar index DXY which tracks the US dollar’s movement against the basked of six major rival currencies gained to 79.468 on Friday as compared to 79.213 on Thursday’s North American trading session. The index touched its intraday low of 79.086 on Friday.

The single currency declined to 1.3095 versus the US dollar on Friday as compared to 1.3151 on Thursday’s late trading hours. It was the lowest for the pair EUR/USD since April 16^th.

The British Pound was down to 1.6150 against the US dollar on Friday as compared to 1.1685 in prior session. Against the Japanese yen the US dollar declined to 79.88 on Friday as compared to 80.21 on late Thursday.

The Australian dollar further took more beating and fell to 1.0187 against the greenback which also happens to be its lowest in the current year. The Reserve Bank of Australia reduced its growth forecast for the current year which created uncertainty among the traders.