The dollar began the week on a firm note in Asian markets today as economic data pointed to strength right across the U.S. economy, reducing the likelihood of interest rate cuts. Figures on Friday showed U.S. homebuilding surged to a 13-year high in December, with retail sales also on the rise and a gauge of manufacturing activity rebounding to its highest in eight months. Stocks in Asia saw modest gains today as investors continued to bid up prices after seven weekly advances that’s left a regional benchmark at the highest level since early 2018. In currency trading, the greenback held steady near a one-week high against the euro at $1.1096, and just below an eight-month peak on the Japanese yen, at 110.19 yen per dollar while the pound edged lower to $1.3002, its weakest in a week. The offshore yuan held at 6.8604 per dollar, near its strongest since August and the onshore Yuan was stronger at 6.8574. Trade was tepid leading to a U.S. holiday today. The Indian Rupee opened marginally flat at 71.10/11 against its previous session’s close of 71.08/09 and is expected to trade between 70.80 - 71.30 ranges today.
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