WASHINGTON (dpa-AFX) - The U.S. dollar scored gains over most of its major counterparts on Monday on bets President-elect Donald Trump's policies will likely push up inflation.
In economic news, Chicago-area business activity unexpectedly contracted at an accelerated rate in the month of December, according to a report released by MNI Indicators. MNI Indicators said its Chicago business barometer slid to 36.9 in December from 40.2 in November, with a reading below 50 indicating contraction. Economists had expected the Chicago business barometer to rise to 42.5.
According to a report released by the National Association of Realtors, pending home sales in the U.S. surged by much more than expected in the month of November. NAR said its pending home sales index shot up by 2.2% to 79.0 in November after jumping by 1.8% to 77.3 in October. Economists had expected pending home sales to climb by 0.7%.
The dollar index advanced to 108.38 before paring some gains. At 108.06, the index was up marginally a little while ago.
Against the Euro, the dollar firmed to 1.0405 from 1.0428. Against Pound Sterling, the dollar strengthened to 1.2506 before paring some gains. Still, at 1.2550, the currency remained notably firm against the British unit.
The dollar weakened against the Japanese currency, easing to 156.87 yen a unit from 157.84 yen a unit on Friday. Against the Aussie, the dollar declined marginally to 0.6221.
The Swiss franc weakened to 0.9035 against the dollar, while the Loonie firmed to 1.4356 against the U.S. currency.
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