Dollar moves narrowly in Christmas trade

Dollar moves narrowly in Christmas trade

Tokyo: The US dollar moved narrowly against other major currencies in Asia on Thursday as market players retreated to the sidelines on Christmas Day, dealers said.

The dollar was trading at 90.50yen in the morning in Tokyo compared with 90.59yen in shortened pre-Christmas New York trading on Wednesday.

The euro bought 1.3985 dollars, compared with 1.3991 dollars in New York, while slightly easing to 126.49yen from 126.68. US and European markets were to be closed on Thursday.

Currency rates hardly moved after another round of grim US economic data.

“Positive figures would be a surprise but markets are well braced for bad data from the United States," said Societe Generale’s forex head Yuji Saito.

The US commerce department reported on Wednesday that personal income contracted 0.2% in November from the previous month while consumption expenditures shrank 0.6%, in a further sign of consumer retrenchment.