US$ up after roller-coaster ahead of risk events

London

THE dollar inched higher on Tuesday after a roller coaster 24 hours which traders say may just be a precursor to three weeks of risk-packed events for the US$5 trillion a day currency market.

Widely expected to rise next year on Donald Trump's promised fiscal boost for the US economy, the dollar has peaked and troughed since Thursday's Thanksgiving holiday. But players are also concerned about holding the euro into Sunday's Italian referendum or the yen into a meeting of Opec (Organization of the Petroleum Exporting Countries) producers which could generate a deal that supports oil prices and global appetite for risk. Oil prices were down more than one per cent on Tuesday.