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Forex News: Dollar Drops Against Yen On U.S. Bond Concerns

Dollar Drops Against Yen On U.S. Bond Concerns

01/10/2018 - 15:01:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon. The buck is little changed against its major European rivals, but is down significantly against the Japanese Yen. The safe haven status of the Yen is driving it higher against the dollar after reports that China is considering slowing or halting new Treasury purchases for foreign reserves.

Bloomberg reported that Chinese officials are reviewing their stand on investment in U.S. government debt, given trade tensions between Beijing and Washington as well as relatively lower attractiveness for U.S. treasuries than other assets.

U.S. treasury yields spiked up following the news, with the yield on 10-year U.S. Treasuries rising to a 10-month high. China is the largest foreign investor in U.S. government debt

With a drop in prices for non-fuel imports partly offsetting a jump in prices for fuel imports, the Labor Department released a report on Wednesday showing U.S. import prices rose by much less than expected in the month of December.

The Labor Department said import prices inched up by 0.1 percent in December after climbing by an upwardly revised 0.8 percent in November.

Economists had expected import prices to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

The report also showed an unexpected decrease in export prices, which edged down by 0.1 percent in December after increasing by 0.5 percent in November. Export prices had expected to rise by 0.3 percent.

Wholesale inventories in the U.S. increased by slightly more than anticipated in the month of November, according to a report released by the Commerce Department on Wednesday. The Commerce Department said wholesale inventories climbed by 0.8 percent in November after falling by a revised 0.4 percent in October.

Economists had expected wholesale inventories to increase by 0.7 percent compared to the 0.5 percent drop originally reported for the previous month.

The dollar dropped to an early low of $1.2017 against the Euro Wednesday morning, but has since rebounded to around $1.1950.

France's industrial production decreased as expected in November, after rising in the previous two months, data from the statistical office Insee showed Wednesday. Industrial production dropped 0.5 percent month-over-month in November, reversing a 1.7 percent rise in October. The figure also matched consensus estimate.

The buck fell to a low of $1.3561 against the pound sterling this morning, but has since bounced back to around $1.3510.

UK industrial production climbed for the eighth straight month in November driven by energy and manufacturing output.

Data from the Office for National Statistics showed that monthly growth in industrial output doubled to 0.4 percent from 0.2 percent in October. The rate came in line with expectations and marked the eighth consecutive expansion.

The UK visible trade deficit widened in November, data published by the Office for National Statistics showed Wednesday. The visible trade deficit rose to GBP 12.23 billion in November from GBP 11.67 billion in October. The expected level of shortfall was GBP 10.95 billion.

The greenback has tumbled to over a 1-month low of Y111.375 against the Japanese Yen this afternoon, from an early high of Y112.784.

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