Dollar mixed as stocks mount
Greenback down against euro on a quiet trading day as investors push stocks higher ahead of corporate earnings reports.
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NEW YORK (CNNMoney.com) -- The dollar was mixed against its counterparts in a quiet-but-volatile trading day.
The dollar fell against the euro to $1.4780 but edged slightly higher against the pound to $1.5801. It also rose against the yen to ¥89.8610, up from last week's eight-month low.
The greenback was taking its cue from Wall Street, where stocks were spiking back near 10,000 -- a level not seen since last October.
"Equities are gradually climbing, and the dollar is gradually falling. It's an inverted risk correlation," said John Kicklighter, currency strategist at DailyFX.com. "The relationship will hold as long as there isn't a fundamental reason to push the dollar one way or another."
The federal government is closed for the Columbus Day holiday and there is no economic data due Monday. Many investors are taking the day off and are not likely to make big moves ahead of corporate earnings and economic data to be released later this week.
"Once we see what's happening in companies' balance sheets, we will start to see risk appetite adjusting," said Kicklighter, who thinks that company performances during the third quarter "won't be that good."
But they could still weigh on the greenback this week if they meet expectations.
"Even if you have modestly bullish reports with a strong round of numbers, the dollar will break down," said Kicklighter. "If we just see moderate reports or companies post earnings that aren't good at all, that will allow the dollar to garner strength because people will become more realistic about company yields and dividends." 
