U.S. Dollar Roughly Flat After Seeing Overnight Strength
(RTTNews) - After seeing some strength overnight, the value of the U.S. dollar has shown a lack of direction over the course of trading on Monday.
The U.S. dollar index has pulled back off its early morning high of 112.53 and is lingering near the unchanged line.
The greenback is trading at 149.07 yen versus the 147.65 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $0.9873 compared to last Friday's $0.9862.
A lack of major U.S. economic data may have kept traders on the sidelines ahead of the release of a personal income and spending report that includes a reading on inflation said to be preferred by the Fed.
In the coming days, traders are also likely to keep an eye on reports on consumer confidence, new home sales, and durable goods orders and third quarter GDP.
Trading activity may remain somewhat subdued, however, as traders look ahead to the Federal Reserve's monetary policy next week.
With the Fed widely expected to raise interest rates by another 75 basis points, traders are likely to pay close attention to the accompanying statement for signs the central bank plans to slow the pace of monetary policy tightening.
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