US dollar inches higher in light trade
The US dollar was trading slightly higher Monday amid a dearth of economic data in the global financial markets.
The USDCAD pair rose to a fresh high in the early North American session amid disappointing data from the Federal Reserve Bank of Chicago. The Chicago Fed National Activity Index fell from 0.53 to 0.20 in March. However, the three-month moving average rose from -0.14 to neutral, a sign the economy was expanding in line with historic trends.
The USDCAD pair was trading at 1.1031, a gain of 6 pips. The pair failed to generate additional momentum after the Conference Board’s Leading Indicator rose 0.8 percent in March, compared to forecasts calling for 0.7 percent. The monthly indicator is used to gauge future trends in economic activity, including employment, jobless claims, building permits and housing starts.
Trade in Europe was also thin, as investors paused to observe Easter Monday. The EURUSD pair was trading at 1.3809, a loss of 6 pips. The Eurozone data wire will remain quiet until Wednesday, when Markit Group is scheduled to release a spate of PMI indicators.
The USDJPY was up more than 0.1 percent at 102.5450, a sign the pair was poised to extend its late-week rally. Japan posted disappointing trade data over the weekend. The country’s exports rose 1.8 percent annually in March, following a gain of 9.8 percent the prior month. Imports rose at an annual pace of 18.1 percent, double the rate of the prior month.
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