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Forex News: Dollar Climbing Ahead Of Fed Announcement

Dollar Climbing Ahead Of Fed Announcement

05/01/2018 - 13:56:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Tuesday afternoon. The two-day Federal Reserve policy meeting kicked off this morning and is set to wrap up tomorrow afternoon. The Fed is widely expected to leave rates unchanged Wednesday.

However, traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

Growth in U.S. manufacturing activity slowed by more than anticipated in the month of April, according to a report released by the Institute for Supply Management on Tuesday.

The ISM said its purchasing managers index dropped to 57.3 in April from 59.3 in March, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to dip to 58.3.

With spending on private construction showing a significant pullback, the Commerce Department released a report on Tuesday showing an unexpected decrease in U.S. construction spending in the month of March.

The Commerce Department said construction spending slump by 1.7 percent to an annual rate of $1.285 trillion in March after jumping by 1.0 percent to a revised rate of $1.306 trillion in February.

Economists had expected construction spending to rise by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.

The dollar has climbed to a 3 1/2 month high of $1.20 against the Euro Tuesday afternoon, from an early low of $1.2082.

The buck has broken out to a 3 1/2 month high of $1.3615 against the pound sterling this afternoon, from a low of $1.3772 this morning.

UK manufacturing activity expanded at the slowest pace in 17 months in April, survey data from IHS Markit showed Tuesday. The Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell to 53.9 in April from 54.9 in March. The score was forecast to fall slightly to 54.8.

The greenback has risen to nearly a 3-month high of Y109.675 against the Japanese Yen Tuesday afternoon, from an early low of Y109.253.

Japan's manufacturing sector expanded at a faster pace in April amid improved output and new orders growth, survey results from IHS Markit showed Tuesday. The Nikkei Purchasing Managers' Index rose to 53.8 in April from 53.1 in March. A score above 50 indicates expansion in the sector.

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