- POSTED: 08 Jan 2014 07:45
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The dollar edged higher against the euro and the yen in relatively quiet foreign exchange market action Tuesday.
NEW YORK: The dollar edged higher against the euro and the yen in relatively quiet foreign exchange market action Tuesday.
The dollar earned modest help from a positive US trade report for November, showing the smallest deficit since September 2009.
At 2300 GMT the euro bought US$1.3614, compared with US$1.3629 late Monday.
The dollar rose to 104.69 yen from 104.19 yen, while the euro moved to 142.53 yen from 142.02.
Markets showed little reaction to the US Senate's confirmation late Monday of Janet Yellen to head the Federal Reserve after Ben Bernanke steps down at the end of this month.
Currently Fed vice chair, Yellen is not expected to veer away from the monetary policies the central bank has in place now.
"The North American trading session was fairly tepid today despite a healthy rise in equities that saw the S&P and Dow both close north of 0.6 per cent, breaking a three-day slump," said Neal Gilbert of forex house GFT.
"US data proved encouraging as the trade deficit declined significantly and could prove to be a turning point for the dollar," he said.
The British pound was virtually unchanged at US$1.6401, and the dollar pushed up to 0.9092 Swiss franc from 0.9038 franc.