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Dollar holds steady vs. euro, yen in thin trade

The dollar held steady against the other major currencies on Monday, as trading volumes remained thin after the Christmas holiday and ahead of the New Year celebrations.

Global financial markets closed early on Thursday, Christmas Eve, and remained shut for Christmas Day on Friday.

EUR/USD was little changed at 1.0969.

With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Federal Reserve, from its forecasts, is anticipating four rate hikes next year.

However, the Fed funds futures currently suggests there will be just two rate increases, one in June and one in December.

Mixed U.S. economic reports released last week failed to offer clues as to how fast the U.S. central bank will raise interest rates next year.

USD/JPY edged up 0.16% to trade at 120.47.

Heading into the final week of the year, trading volumes are expected to remain light as many traders already closed books due to the holiday period, reducing liquidity in the market and increasing volatility.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.96, the lowest level since December 16.

Last modified on Monday, 28 December 2015

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