Dollar drifts in quiet trading

By Blake Ellis, contributing writer


NEW YORK (CNNMoney.com) -- The dollar was little changed against major currencies Monday at the beginning of what is expected to be a quiet week.

"Thin trading makes one of two things happen: it can exaggerate the impact of small orders, or it can mean very little activity, and I expect very little activity," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

The dollar ended last week mixed against rivals on weaker-than-expected home sales data, after making gains versus the euro earlier in the week.

"This year-end rally is, for one, year-end position squaring, and also, people are feeling a bit more confident about the direction of U.S. interest rates," said Chandler.

While Chandler expects the dollar to remain mixed throughout the week, he predicts that it will strengthen in 2010 on higher interest rates and optimism about the economic recovery.

"I think the Federal Reserve will raise interest rates, and it will be the first in the G-7 to raise rates, so the dollar will find better traction," he said.

The dollar was down against the euro at $1.438 and fell 0.3% against the British pound to $1.600. The greenback rose slightly against the yen to ¥91.62. To top of page

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