Forex Pros – The U.S. dollar was down against most other major currencies on Monday, after fears that Greece's debt crisis would spread abated in the wake of an agreement by EU finance ministers on a EUR 745 billion bailout package. The greenback was down against the euro, with EUR/USD climbing 0.61% to hit 1.2828 after central banks in Europe began buying euro zone government bonds under the emergency package. Meanwhile, the dollar tumbled versus sterling, with GBP/USD jumping 1.4% to hit 1.501 after the Bank of England decided to hold its benchmark interest rate steady, amid political turmoil in the aftermath of last week’s general election. The pair also climbed after Britain's Liberal Democrat leader promised to reach a decision on power-sharing talks "as soon as possible." The dollar was also slightly down against the Swiss franc, USD/CHF shedding 0.06% to hit 1.1077. In addition, the greenback slid against its Australian, Canadian and New Zealand counterparts: AUD/USD shot up 1.46% to hit 0.9012, USD/CAD plummeted 1.41% to hit 1.028 and NZD/USD advanced 1.24% to reach 0.7232. But the greenback was up against the yen, with USD/JPY jumping 1.74% to reach 93.19. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.57%. Also Monday, European Central Bank President Jean-Claude Trichet said the bank was not pressured into buying government bonds to combat Europe's debt crisis. Speaking to a news conference, Trichet said: "We are fiercely and totally independent. This decision is the decision of the governing council and not the result of any kind of pressure of any sort."

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