Dollar Firms In Quiet Trading Monday
Washington (Dec 29) The dollar was slightly stronger on Monday, staying near 4-year highs versus a basket of major rivals on a quiet return from the holiday break.
Currency markets were subdued, with no catalysts in the form of first-tier economic data to drive trading.
The dollar remained attractive in the wake of last week's blockbuster US GDP report that showed the economy grew a whopping 5% in the third quarter.
Analysts say that puts the Federal Reserve in track to raise interest rates sometime mid-2015.
The dollar inched higher to USD1.2170 versus the euro, holding near last week's 28-month highs.
Early gains helped the buck to USD1.5520 against the sterling, and the dollar was up to Y120.75 versus the slumping yen.
Looking ahead on the otherwise quiet New Year's week, data on consumer confidence index for December from the Conference Board, the weekly jobless claims, the National Association of Realtors' pending home sales index for November and the results of the Institute for Supply Management's national and MNI Indicators' regional manufacturing surveys are due.
The S&P Case-Shiller house price index for October, Markit's final US manufacturing index for December and the Commerce Department's construction spending data for November will also be out during the course of the week.
Source: Alliance News