WASHINGTON (dpa-AFX) - The dollar is currently turning in a mixed performance against its major rivals Monday afternoon. The buck is losing ground against the Euro and the Japanese Yen, but is rising in comparison to the British pound. However, the U.S. currency is little changed overall.
There has been no economic news to drive the direction of trading at the start of the new trading week, but investors can look forward to some important data later this week. GDP and consumer confidence are expected to be released tomorrow, while private sector employment and pending home sales are due on Wednesday.
The Federal Reserve is also expected to release the Beige Book Wednesday afternoon. Traders can also look forward to weekly jobless claims and the ISM manufacturing report on Thursday. The highly anticipated U.S. jobs report for November is slated for the end of the week.
Eurozone proved to be resilient to many shocks this year amid the uncertainty arising from the economic and political environment, largely due to the stimulus measures adopted by the European Central Bank, the bank's chief Mario Draghi said Monday.
'In 2016 the euro area economy proved to be resilient, in spite of uncertainty stemming from the economic and political environment,' ECB President Draghi said in his opening remarks at a hearing in the European Parliament in Brussels.
'Inflation has gradually edged up, and the ECB's monetary stimulus has been a key ingredient of the ongoing recovery.'
The euro area economy continues to expand at a moderate, but steady pace and this gradual upward trend is expected to continue, Draghi said.
'Still - if supported by decisive action taken by other policymakers - monetary policy measures in the euro area could be even more effective,' he added.
The dollar has bounced back to around $1.0595 against the Euro Monday afternoon, from over a 1-week low of $1.0685 this morning.
Eurozone money supply expanded at a slower pace, while private sector credit growth improved in October, the European Central Bank reported Monday. The broad monetary aggregate M3 climbed 4.4 percent year-on-year in October after rising 5.1 percent in September, averaging 4.8 percent in the three months up to October.
Italy's consumer confidence declined to a 16-month low in November, survey data from the statistical office Istat showed Monday. The consumer confidence index fell to 107.9 from 108 in October. This was the lowest reading since July 2015, when the score was 107.0.
The buck has rebounded to around $1.2415 against the pound sterling this afternoon, from an early low of $1.2530.
The U.K. service sector optimism weakened in three months to November as profitability declined, the latest quarterly Service Sector Survey from the Confederation of British Industry showed Monday. Business and professional services firms reported that business volumes barely increased and they are expected to fall slightly in coming quarter.
The greenback has retreated to around Y112.240 against the Japanese Yen this afternoon, from an early high of Y112.796.
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