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FX round-up: Dollar mixed as oil fluctuates

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Date: Tuesday 26 Aug 2008

LONDON (ShareCast) - The dollar rose against the euro and fell against the yen Monday in a lacklustre day, as crude oil prices struggled to find a direction while a dismal session on Wall Street kept a lid on market activity.

There was also some trepidation ahead of key US economic report due out later this week including Tuesday’s reports on July new home sales, August consumer confidence and the minutes from the last Federal Reserve policy meeting.

Investors digested a mixed report on the US housing market Monday. Data from the National Association of Realtors showed existing home sales rose to a five-month high in July, beating forecasts, although home prices fell.

Overall currency trading was slow Monday with London’s market closed for a bank holiday.

Sterling remained firm against the dollar after its recent weakness. Sterling has recently fallen to a two year low against the greenback amid a catalogue of gloomy economic data.

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