Dollar closes Asian session in muted mood, new data could provide pre-Christmas direction
December 23rd - The dollar has closed Asian currency markets in a somewhat muted mood ahead of the Christmas break and although volumes are set to be thin during the day ahead, there’s still some key numbers set to be released before the weekend. Principally these are due from the US and include both the Michigan consumer sentiment reading for December and US durable goods orders for November. Although data released yesterday suggested that there may only be one more rate hike left at the FOMC in the short term, either of today’s numbers could alter this outlook. The second half of 2005 has seen a run of mixed economic data coming out of the US, but if there’s a real slowing of growth now, recent dollar gains may prove difficult to sustain into the New Year. Although markets in Europe and North America will be quiet over the long weekend, the Yen may see some direction off the back of a raft of Japanese economic data that’s due on Monday. Inflation, unemployment and household spending numbers are all scheduled for release, but with many traders set to observe the 26th as a holiday it could take some time for this news to be properly priced into the market.
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