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Dollar edges up in holiday-thinned trade

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Investing.com -

Investing.com - The dollar edged up against the other major currencies on Thursday, as investors awaited the release of U.S. data later in the day and as trading volumes became increasingly thin ahead of the New Year holiday on Friday.

Heading into the final trading session of the year, volumes were expected to remain light as many traders already closed books, reducing liquidity in the market which could result in exaggerated moves.

EUR/USD slipped 0.16% to 1.0913.

Markets shrugged off a report released on Wednesday by the U.S. National Association of Realtors showing that its pending home sales index inched down 0.9% last month, disappointing expectations for a gain of 0.5%.

Pending home sales in October rose by 0.4%, whose figure was revised from a previously reported gain of 0.2%.

The dollar had strengthened broadly after the Conference Board reported on Tuesday that its consumer confidence index rose to 96.5 in December from 92.6 in November.

Investors were eyeing the release of the weekly U.S. jobless claims report, as well as data on manufacturing activity in the Chicago area due later in the day.

USD/JPY edged down 0.10% to 120.38.

Elsewhere, the dollar was little changed against the pound, with GBP/USD at 1.4814 and higher against the Swiss franc, with USD/CHF up 0.36% at 0.9922.

The Australian dollar was stronger, with AUD/USD up 0.34% at 0.7311, while NZD/USD held steady at 0.6847.

Meanwhile, USD/CAD eased up 0.13% to trade at 1.3890.

The commodity-related loonie remained under pressure amid ongoing concerns over a global supply glut after the U.S. Energy Information Administration reported an unexpected rise in crude oil inventories on Wednesday.

Crude oil futures for February delivery were at $36.77 in European morning trade, not far from the 11-year low of $35.98 hit on December 22.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, edged up 0.10% to 98.40.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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