Dollar Steadies in Light Trade
During the Asian trading session, the US Dollar was able to regroup after being subjected to a losing streak that lasted through six trading sessions. In historically light trade with many of the European markets closed, the greenback is navigating its way through and giving FX traders hope that it will be able to avoid a repeat of last year's “flash crash.” Analysts say that risk sentiment is improved sufficiently which helped the US Dollar Index to improve. Traders look to the index to gauge the greenback's relative weight against a basket of major peers; currently, the Dollar Index is trading at 96.6620 .DXY, a gain of 0.22%.
In London, as of 10:45 am, the USD/JPY was trading at 108.8200 Yen, up 0.1620%; the pair has ranged from a low of 108.572 Yen to 108.870 Yen. The EUR/USD was lower at $1.1194, down 0.1766% and off the session trough of $1.11925. The GBP/USD was lower at $1.3210, off the session peak of $1.32673.
Euro Area PMIs Surprisingly Upbeat
In the Eurozone, PMI reports that were unexpectedly upbeat failed to provide a lift for the Euro. The reading for Germany's marketing PMI for December came in at 43.7, slightly better than the forecasted 43.4. Similarly, France's reading came in at 50.4, against an expected, 50.3. Both scenarios helped to lift the Eurozone's composite to 46.3 against analysts projected reading of 45.9.