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The dollar continued to push higher versus the sterling and yen Wednesday morning in New York, and appears poised to end a topsy turvy year on an extended upswing.
With few catalysts to drive trading over the remainder of the holiday-shortened week, traders will keep an eye Wall Street, where profit taking could give the safe haven dollar a measure of support.
The economic calendar will remain relatively light on Wednesday, with only the Chicago business activity barometer from the Institute of Supply Management - Chicago on tap for the session.
Versus the yen, the dollar touched a fresh 2-month high of 92.27, coming within a hair of its best mark since September. With the advance, the buck moved further away from a 1995 low of 84.80 set a month ago.
At the same time, the dollar touched a 2-month high of 1.5831 versus the sterling, having picked up more than a dime since mid-November. A move to 1.5700 would take the buck to its best level since May.
Many traders have moved to the sidelines to get a head start on the New Year's holiday, helping the dollar sustain its recent gains against the euro. The buck was at $1.4340 approaching mid-morning, down slightly from last week's 3-month high near 1.4200.
The dollar managed to firm up versus the loonie, improving to C$1.0500 from a 2-month low of C$1.0375. Crude prices pulled back a bit this morning, weighing on the petro-linked Canadian currency
Japan's Finance Minister Hirohisa Fujii said the nation's economy is unlikely to fall into a double-dip recession.
He told reporters after a Cabinet meeting that the economy will surely grow next year. Fujii expressed confidence about consumption and investment in housing.
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