NEW YORK — The dollar edged down slightly in thin post-Christmas holiday trading Monday as data showed shoppers spent a little more this season.
Consumer spending is one of the biggest drivers of economic growth and is vital to a sustained recovery. Traders are likely to sell the dollar in favor of "risky" trades on the back of such positive economic reports.
The 16-nation euro bought $1.4396 in early New York trading, up from $1.4381 late Friday. Most markets worldwide were closed Friday for the Christmas holiday.
The British pound rose to $1.5978 from $1.5967, though markets in London are closed for the Boxing Day holiday. Meanwhile, the dollar inched up to 91.56 Japanese yen from 91.38 yen on reports that Japan's factory output grew the most in six months in November.
Digital Access For Only $0.99
For the most comprehensive local coverage, subscribe today.
In other early New York trading Monday, the dollar slipped to 1.0340 Swiss francs from 1.0358 francs late Friday, and fell to 1.0460 Canadian dollars from 1.0500.