The dollar stayed in a narrow band in thin holiday trading on Christmas Eve Friday, with investors leaning toward the higher-yielding US currency, analysts said.
|||The dollar stayed in a narrow band in thin holiday trading on Christmas Eve Friday, with investors leaning toward the higher-yielding US currency, analysts said.
The dollar stood at 83.13 yen, up slightly from 82.91 yen in New York Thursday. The euro traded at 1.3115 dollars and at 109.02 yen, nearly flat from 1.3118 dollars and 108.83 yen in New York Thursday.
The dollar was generally buoyant as players preferred higher-yielding currencies, amid expected gains for US Treasury yields, Daiwa Institute of Research chief forex strategist Yuji Kameoka said in a note to clients.
But major market moves were seen as unlikely with many investors already on year-end vacations, analysts said.
Growing hopes for a US economic recovery were also encouraging investors to return to the dollar, analysts said.
The extension of the George W. Bush-era tax cuts in the United States should help consumer spending, boosting the recovery and supporting the dollar, Kameoka said.
But others speculated about a possible fall of the dollar, after the unit gained steadily in recent days.
Continued fiscal debt worries in the eurozone spelled uncertainty going forward, said Yuichiro Harada, senior dealer at Mizuho Corporate Bank.
The market was becoming increasingly volatile due to the smaller number of players still active during the holiday season, he added. - Sapa-AFP
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