The dollar dipped against the yen on Monday, edging lower down after U.S. Treasury yields dipped on mixed economic data.
Trading was subdued with many key markets shut on Monday for the Christmas holidays.
New U.S. single-family home sales rose more than expected in November and consumer sentiment hovered near a 13-year high this month, strengthening the view that the economy will gain further momentum next year.
The Commerce Department on Friday said new home sales increased 5.2 percent to a seasonally adjusted annual rate of 592,000 units last month. That was the second highest pace since 2007. Economists had forecast single-family home sales, which account for about 9.5 percent of overall home sales, rising 2.1 percent to a 575,000-unit rate last month.
Consumer confidence jumped to the highest level since 2004, extending a surge in Americans’ optimism for their finances and the U.S. economy following Donald Trump’s election victory.
The University of Michigan said Friday that its final index of sentiment rose to 98.2 from 93.8 in November. The median projection in a Bloomberg survey called for 98, equal to the preliminary reading released earlier this month. Inflation expectations for the next five to 10 years fell to a record low.
Crude oil prices edged higher on Friday, as traders closed out bets on falling prices ahead of the holiday break.
U.S. crude futures rose 7 cents, or 0.13%, to $53.02 a barrel on the New York Mercantile Exchange, reversing earlier losses in light trading. Brent, the global benchmark, gained 11 cents, or 0.2%, to $55.16 a barrel on London’s ICE Futures Exchange.
Analysts expect oil prices to continue trading in a narrow range until next year when traders will begin looking for evidence that major producers are sticking to their agreement to cut output. The agreement between members of the Organization of the Petroleum Exporting Countries and other countries has kept oil above $50 a barrel for more days this month than any other since July 2015.
The Centre is preparing the Union Budget 2017-18 assuming an average crude oil price of $55-60 a barrel for the coming financial year.
Reference: Reuters, Bloomberg, Wall Street Journal
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