Dollar creeps up in subdued start to new year

LONDON :The dollar edged up on Monday, pulling away from recent six-month lows against a basket of major currencies.

The dollar index, which measures the value of the greenback against a basket of major currencies, rose by around 0.14 per cent to 103.63 - off roughly six-month lows hit last week at around 103.38. "There is an attempt by the dollar index to pull higher today but we do see that it is losing a good part of the strength it gained last year," Ulrich Leuchtmann, head of forex research at Commerzbank, said.

That Fed tightening helped lift the dollar index 8 per cent last year in its biggest annual jump since 2015. Data from China, meanwhile, showed factory activity shrank for the third straight month in December and at the sharpest pace in nearly three years. While the euro area economy is heading for a recession, concerns about gas supply over the winter have eased, meaning a downturn may not be as bad as feared a few months ago.

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