Dollar stands tall despite

LONDON (Reuters) Forex Signals – The U.S. dollar held firm at a four-week high against its rivals on Monday as an undercurrent of risk aversion swept through currency markets in the backdrop of weak U.S. economic data, knocking the Australian dollar and the euro lower.

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With U.S. markets shut for a holiday on Monday and Joe Biden set to be inaugurated as the next U.S. President on Wednesday, major currencies remained within well-worn ranges expecting some volatility later in the week. EURUSD Price Will Resistance Level at $1.20 Holds

Treasury yields, though analysts remain wary about the short-term outlook. Forex Signals – The U.S. dollar was down

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Better-than-expected Chinese economic data headed off further weakness among riskier currencies, but was not enough to shift currency traders’ mood decisively. Dollar loses out on growing optimism about virus vaccine

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FxPremiere.com – The dollar edged higher Monday, clinging to small gains as traders turn to the safe haven as doubts about the global economic recovery rise while Covid-19 cases surge.

At 3:55 AM ET (0755 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 90.787, not far removed from the one-month high of 90.860 seen earlier in the session.

USD/JPY was down 0.1% at 103.75, GBP/USD fell 0.2% to 1.3562, while the risk-sensitive AUD/USD was down 0.2% at 0.7686.

Trading ranges will be limited Monday, with the U.S. on holiday, but there are plenty of events ahead to cause traders to react with caution.

Friday’s U.S. core retail sales contracted 1.4% month-on-month in December, a much larger drop than expected, suggesting that consumer spending in the world’s largest economy was being impacted by the rapid growth of Covid-19 infections globally.

Elsewhere, EUR/USD dropped 0.1% to 1.2073, with the single currency likely to be under pressure this week with the ECB meeting, EU summit and Italy’s political crisis in focus.

“Little is expected of the ECB after December’s easing measures,” added ING. “However, we would expect President Lagarde to say that the ECB is ‘monitoring the exchange rate carefully’, wary of the euro’s impact on an already subdued inflation rate.”

USD/CNY rose 0.1% to 6.4857, with the mood remaining risk averse despite stronger than expected Chinese economic data.

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Chinese industrial production grew 7.3% year-on-year in December, while retail sales grew 4.6% in the final quarter from a year ago. GDP grew 2.6% on the quarter in the fourth quarter, up 6.5% year-on-year.

The dollar index steadied after touching a one-month high and last traded at 90.857, its highest level since Dec. 21.

Dollar stands tall despite