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Dollar Subdued Amid Lighter Volumes, Rising Oil Prices Pressure USD/CAD

12/27/2017, 10:09:25 AMMarket Analysis
Dollar Subdued Amid Lighter Volumes, Rising Oil Prices Pressure USD/CAD

The dollar was roughly unchanged against a basket of major currencies on Tuesday as mixed US regional economic data did little to inspire the greenback to pare losses.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.1% to 92.79.

In what was a quiet day of trade as major markets remained shut after Christmas holiday, US market participants mulled over mixed economic data showing the Dallas Fed manufacturing index expanded quicker than expected, but the Richmond Fed manufacturing index undershot expectations.

The Dallas Fed manufacturing activity index for December was reported at 29.7, topping forecasts for 20.0 reading. The number was the highest since March 2006.

The Richmond Fed manufacturing activity index for December index fell 10 points to 20 after climbing 18 points to a record high 30 in November.

The duo of reports come as President Donald Trump signed a bill, aimed at overhauling the US tax system, widely believed to be dollar positive as the bill is expected to boost US economic growth.

The euro was little changed against the dollar, falling 0.03% to $1.1869.

GBP/USD rose 0.04% to $1.3376, while USD/CAD fell 0.29% to C$1.2692 as the latter came under pressure following a rise in the oil-price sensitive Canadian dollar after oil prices rose sharply.

USD/JPY fell 0.06% to Y113.19 following Japan inflation data for November that topped expectations.