NEW YORK—The dollar was a bit higher against the yen early Monday, hovering close to its recent highs as investors made last-minute year-end trades.
Currency movements were reflecting the thin trade that is typical for the days between the Christmas and New Year's holidays, rather than any underlying fundamental factors, analysts said.
The dollar has rallied significantly in December and is sticking close to the two-month peak it reached last week against the yen. It is also holding on to most of its December gains against other currencies.
"I wouldn't read too much into [Monday's] moves," said Geoffrey Yu, currency strategist at UBS AG in London.
Markets were closed Monday in the U.K., Canada and several other countries, while many investors were still vacationing in places where markets were open, and low volume can exaggerate price movements.
"One or two trades today can push the markets in one direction or another," Mr. Yu said.
Early Monday in New York, the dollar was at 91.50 yen, from 91.32 yen late Friday. The euro was at $1.4405 from $1.4397 and at 131.83 yen from 130.48 yen. The pound was trading at $1.5999 from $1.5964, while the dollar was fetching 1.0329 Swiss francs from 1.0358 francs.
Write to Fabio Alves at fabio.alves@dowjones.com
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