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Forex News: Dollar Climbing After Flurry Of Economic Reports

Dollar Climbing After Flurry Of Economic Reports

10/17/2017 - 13:44:00 (RTTNews)

(RTTNews) - The dollar is rising against its major European rivals Tuesday afternoon, but is paring its early gains against the Japanese Yen. Investors were encouraged by the release of some better than expected economic reports this morning, particularly the industrial production and homebuilder confidence numbers.

U.S. import and export prices both increased by more than anticipated in the month of September, according to a report released by the Labor Department on Tuesday. The report said import prices climbed by 0.7 percent in September after rising by 0.6 percent in August. Economists had expected import prices to increase by 0.5 percent.

The Labor Department also said export prices advanced by 0.8 percent in September after climbing by an upwardly revised 0.7 percent in August. Export prices had been expected to rise by 0.4 percent compared to the 0.6 percent increase originally reported for the previous month.

After reporting a notable decrease in U.S. industrial production in the previous month, the Federal Reserve released a report on Tuesday showing production rebounded by slightly more than expected in the month of September.

The report said production rose by 0.3 percent in September after sliding by 0.7 percent in August. Economists had expected production to edge up by 0.2 percent compared to the 0.9 percent drop originally reported for the previous month.

Homebuilder confidence in the U.S. has unexpectedly seen an improvement in the month of October, according to a report released by the National Association of Home Builders on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index surged up to 68 in October after dropping to 64 in September. Economists had expected the index to come in unchanged compared to the previous month.

The dollar has climbed to around $1.1750 against the Euro Tuesday afternoon, from an early low of $1.1794.

Eurozone inflation held steady in September, as initially estimated, final data from Eurostat showed Tuesday. Inflation came in at 1.5 percent in September, the same rate as seen in August.

Germany's economic confidence continued to improve in October, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday.

The ZEW Indicator of Economic Sentiment rose to 17.6 in October from 17.0 in the previous month. Nonetheless, the indicator still remained below the long-term average of 23.8 and the expected level of 20.

The buck has risen to around $1.3175 against the pound sterling Tuesday afternoon, from a low of $1.3287 this morning.

UK inflation increased in September to the highest since early 2012, data from the Office for National Statistics showed Tuesday. Inflation rose to 3 percent in September from 2.9 percent in August. The rate came in line with expectations. Inflation was last higher in March 2012.

British house price inflation accelerated in August to the strongest level in eight months, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.0 percent year-over-year in August, faster than the 4.5 percent rise in July, which was revised down from a 5.1 percent increase reported earlier.

The greenback reached a high of Y112.477 against the Japanese Yen Tuesday morning, but has since retreated to around Y112.275.

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