Dollar on the back foot

The dollar has started the holiday-shortened week under pressure, losing ground across the board. The euro has jumped to around $1.1790, at the top of  the relatively narrow trading range ($1.17 to $1.18) that has prevailed over the past couple of weeks or so. Sterling – which has generally been on the front foot since Rachel Reeves’ budget in late November – has advanced to over $1.35 against the dollar and continues to edge higher against the euro, currently trading at about £0.8720. The yen has reversed almost all of last Friday’s post-Bank of Japan meeting losses against the US currency, rebounding by around 1% to trade just below Y156. Looking to the rest of today, there are a number of US economic data releases scheduled, include the Q3 GDP report, industrial production for November, and the Conference Board’s consumer confidence index for December.