The dollar has started the week where it ended last week, on the back foot. The Bloomberg Dollar Index is now at its weakest level in six months.
Overview
Pending home sales and the Dallas Fed are on tap for later this morning but are unlikely to give the greenback a boost. The Conference Board’s consumer confidence reading is due out tomorrow.
All markets will be closed for New Years on Wednesday. There are no Fed speakers on the docket until Friday morning.
What to Watch Today…
- Pending Home Sales at 10:00 a.m,
EUR
The Euro crawled higher overnight and is now trading at a 4-month best versus the dollar. There is no major data slated to be released in the Euro zone until next year so expect the next two days to be fairly range-bound with a Euro-positive slant.
JPY
The Japanese yen gained again overnight, pushing USD/JPY to a two-week low. Japanese markets will be closed from tomorrow through January 5th for holidays. The gains in the Japanese yen come even as risk sentiment is solid heading into the end of the year.
