US Dollar Rises Early Monday Ahead of Busy Start of Week Leading to New Year's Day Holiday
The US dollar rose against its major trading partners early Monday, except for a decline versus the yen, as markets look ahead to Thursday's New Year's Day holiday.
Monday's calendar is full, with pending home sales data for November at 10:00 am ET, followed by the Dallas Federal Reserve's manufacturing index for December at 10:30 am ET, at the same time as weekly petroleum stocks inventory data that was delayed from Dec. 24. Weekly natural gas stocks inventory data, also delayed from Dec. 24, are due to be released at 12:00 pm ET.
Tuesday's schedule is highlighted by minutes of the Dec. 9-10 Federal Open Market Committee meeting. Weekly Redbook same-store sales, home price data for October, Chicago purchasing managers' index data for December and the Dallas Fed's nonmanufacturing reading for December will also be released.
Wednesday's highlights will include weekly jobless claims, oil stocks inventory data and natural gas stocks inventory data before the Thursday holiday.
Manufacturing data for December from S&P Global are due to be released Friday.
A quick summary of foreign exchange activity heading into Monday:
EUR/USD fell to 1.1766 from 1.1773 at the Friday US close and 1.1777 at the same time Friday morning. There are no Eurozone data on Monday's schedule. The next European Central Bank meeting is scheduled for Feb. 5.
GBP/USD fell to 1.3482 from 1.3505 at the Friday US close and 1.3490 at the same time Friday morning. There are no UK data on Monday's schedule. The next Bank of England meeting is scheduled for Feb. 5.
USD/JPY fell to 156.3391 from 156.5292 at the Friday US close and 156.4622 at the same time Friday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Jan. 23.
USD/CAD rose to 1.3694 from 1.3669 at the Friday US close and 1.3685 at the same time Friday morning. There are no Canadian data on Monday's schedule. The next Bank of Canada meeting is scheduled for Jan. 28.
Source: MTN newswires
