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Forex News: Dollar Attempting To Stabilize After Beige Book Released

Dollar Attempting To Stabilize After Beige Book Released

05/31/2017 - 14:39:00 (RTTNews)

(RTTNews) - The dollar lost ground against all of its major rivals Wednesday morning, but has shown signs of stabilization following the release of the Fed's Beige Book. Early weakness was caused by a pair of weaker than expected U.S. economic reports this morning.

The U.S. economy continued to expand at a "moderate or modest" pace in the past few months, according the Federal Reserve's Beige Book survey.

Boston and Chicago signaled that growth had slowed somewhat to a modest pace since the prior Beige Book period, while New York indicated that activity had flattened out.

Labor markets continued to tighten, with most Districts citing shortages across a broadening range of occupations and regions.

The report in unlikely to influence the Fed's upcoming policy meeting. Analysts say the Fed will raise rates in June and once more before the end of the year.

A measure of home transactions that have started the sales process unexpectedly dropped in April, according to new data released on Wednesday. This added to a decline posted in the previous month.

The National Association of Realtors said its pending home sales index fell 1.3 percent in April. Economists had expected the measure to bounce back after a retreat in March. Experts were generally looking for an increase of around 0.5 percent.

Business activity in the Chicago area grew again in May, but the pace of growth slowed from the previous month. This according to industry data released on Wednesday.

The Institute For Supply Management - Chicago said its composite index, also known as the Chicago PMI, slipped to 55.2 for May. This compared to a reading of 58.3 for the previous month.

Economists had expected a decline compared to April, but the retreat was more pronounced than was generally predicted. Economists had projected a dip to 57.5.

The dollar fell to nearly a 1-week low of $1.1251 against the Euro Wednesday, but has since bounced back to around $1.1235.

Eurozone inflation fell sharply in May to its lowest level thus far this year, preliminary estimates from Eurostat showed Wednesday. Headline inflation dropped to 1.4 percent from 1.9 percent in April, while economists had forecast 1.5 percent.

Eurozone unemployment rate was the lowest in more than eight years in April, figures from Eurostat showed Wednesday. The seasonally adjusted jobless rate dropped to 9.3 percent in April from 9.4 percent in March. This was the lowest rate since March 2009.

Germany's retail sales decreased unexpectedly at the start of the second quarter, preliminary figures from Deststis showed Wednesday.

Retail sales fell a price-adjusted 0.9 percent year-over-year in April, reversing a 2.9 rise in March, which was revised up from a 2.3 percent gain reported earlier. Meanwhile, economists had expected a 2.2 percent climb for April.

Germany's unemployment rate fell to a new record low in May, preliminary data from the Federal Labor Agency showed Wednesday. The jobless rate declined to 5.7 percent from 5.8 percent in April. The figure was the lowest since the reunification in 1990 and was in line with economists' expectations.

French consumer price inflation eased at a faster-than-expected pace in May, preliminary figures from the statistical office Insee showed Wednesday. The consumer price index rose 0.8 percent year-over-year in May, slower than the 1.2 percent climb in April. Economists had expected the inflation to slow to 0.9 percent.

A new poll showed that Theresa May's Conservative Party may miss a majority in next month's national election. According to the polling group YouGov, Prime Minister Theresa May's Conservative party might lose 20 seats at the June 8 vote, thus falling 16 seats short of an overall majority in the 650-seat chamber.

The buck dropped to a 3-session low of $1.2920 against the pound sterling Wednesday, but has since rebounded to around $1.2875.

Consumer confidence in the United Kingdom was slightly less pessimistic in May, the latest survey from GfK revealed on Wednesday with an index score of -5. That beat forecasts for -8 and was up from -7 in April.

British mortgage approvals fell for a third straight month to its lowest level in seven months during April, figures the Bank of England showed Wednesday. Loan approvals for house purchase dropped to 64,645 from March's 66,043. Economists had forecast 66,000 approvals.

Shop prices in the United Kingdom were down 0.4 percent on year in May, the British Retail Consortium said on Wednesday. That missed forecasts for a decline of 0.3 percent, although it was up from -0.5 percent in April.

The greenback has slipped to around Y110.685 against the Japanese Yen this afternoon, from an early high of Y111.225.

Industrial output in Japan advanced 4.0 percent on month in April, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading. That was shy of expectations for an increase of 4.2 percent following the 1.9 percent decline in March.

Japan's housing starts increased for the second straight month in April, defying economists' forecast for a decline, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Wednesday. Housing starts climbed 1.9 percent year-over-year in April, much faster than the 0.2 percent slight rise in March. In contrast, economists had expected a 1.5 percent fall for the month.

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