US Dollar Looks Set To Remain Under Pressure

The US Dollar held steady close to a 7-month low against a basket of currencies during the Asian session on Monday. The currency looks more than likely to remain under pressure after the US Federal Reserve initiated aggressive monetary stimulus policies last week.
The Federal Reserve's decision to initiate a 3rd round of quantitative easing, QE3, means it will now buy $40 billion a month of mortgage-backed securities until the jobs market improves, all the while weighing heavily on the US Dollar.