Forex Daily – US Dollar rises against major currencies
The U.S. dollar traded a little higher against the major currencies in Monday trading in Tokyo, held up by positive demand from investors seeking higher yielding assets.
Overall trading was cautious with investors waiting for a flurry of U.S. economic data due out later this week, as well as announcements from the Federal Reserve and European Central Bank. The financial market will be looking for any inklings on where interest rates are headed when the Federal Reserve and the European Bank make their speeches on Tuesday.
Meanwhile the Euro was slightly weaker against the dollar today as the speculation that ECB president Jean-Claude Trichet, may make some surprising comments on the state of the European economy following a spate of weak economic data of late.