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Dollar falls against major currencies in thin, post-holiday trading

Dollar falls against major currencies in thin, post-holiday trading

The dollar gave up some ground against major currencies on Wednesday when European markets reopened after the Christmas holiday.
The 12-nation currency traded at $1.3123 in late New York trading, up from $1.3098 in New York the day before _ canceling out the dollar's gains in Tuesday's U.S. session.
The British pound rose to $1.9564 from $1.9539. The dollar slipped to 118.74 yen from 119.16 yen, retreating from a two-month high against the Japanese currency.
The dollar was slightly higher against the Swiss franc, however, at $1.2256 from $1.2232 late Tuesday, and unchanged against the Canadian dollar at $1.1611.
The euro has been helped recently by expectations, fueled by U.S. data, that the gap between European and U.S. interest rates will continue to narrow. Higher interest rates, a weapon against inflation, support a currency by making assets denominated in that currency more attractive to investors.
"With little information of note scheduled for release in the coming hours and thinner than normal volumes likely to add to overall volatility, any conclusive direction may well prove difficult to establish in the near term," said Tim Wilbraham, a senior foreign exchange trader at CMC markets.
The currency markets paid little attention to news from the Commerce Department that sales of new single-family homes rose by 3.4 percent last month to a seasonally adjusted annual rate of 1.047 million units, reflecting solid sales increases in every region of the country except the South.
The increase was better than had been expected and offered hope that the steep slide in housing may be starting to bottom out as builders, using a wide array of incentives, begin to make a dent in the record level of unsold homes.


Updated : 2021-05-07 15:10 GMT+08:00