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Dollar Little Change At The Start Of The New Trading Week

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The dollar is turning in a mixed performance against its major rivals Monday afternoon, but remains little changed overall. The lack of U.S. economic data is keeping a number of investors on the sidelines at the start of the new trading week.

Things will begin to pick up on the economic front starting Wednesday. Retail sales and the consumer price index are set to be released Wednesday morning, while weekly jobless claims, the producer price index and industrial production will follow on Thursday.

The dollar climbed to a high of $1.2234 against the Euro Monday, but has since retreated to around $1.2285.

The Bank of England is in no rush to hike rates and the rates will not go back to levels seen in the past, Chief Economist Andy Haldane said.

"We have a very strong eye on inflationary developments, and they're currently ahead of our target," Newcastle Chronicle newspaper reported him as saying.

"That's why we've raised rates once already." It seems likely that some further tightening of policy might be needed over the period ahead.

"We're in no rush, rates won't remotely go back to levels we've seen in the past, but nonetheless keeping the cost of living under control is, we think, the single best and most important thing we can do to help the economy generally and, within that, in particular those households who are feeling the pinch financially," Haldane said.

The buck dipped to an early low of $1.3875 against the pound sterling Monday, but has since rebounded to around $1.3830.

The greenback slid to a low of Y108.431 against the Japanese Yen Monday, but has since bounced back to around Y108.685.

by RTT Staff Writer

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