Dollar firms in soft holiday trading, outlook bullish
HONG KONG, Dec 29 (Reuters) – The dollar inched up on Wednesday as a recent rally in shares showed signs of petering out, but holiday-thinned trading meant markets were showing little real direction.
The dollar index , which measures the greenback against major peers rose as high as 96.240 during the session versus Monday’s close of 96.068, moving up against most other majors after the euro lost 0.14% on Tuesday.
The common currency was last at $1.1305 and the pound slipped from a five-week high to $1.3433.
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But with many traders having taken time off for Christmas or the end of the year, analysts said it was hard to read too much into the moves.
“Things are mostly noise right now, though we are probably seeing a soft risk-on/risk-off dynamic going on with stocks down slightly, and the dollar has caught a bid on the inverse of that,” said Kyle Rodda, an analyst at IG Markets.
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