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Forex News: Dollar Falling After Paring Early Gains

Dollar Falling After Paring Early Gains

06/25/2018 - 14:58:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start to the new trading week. However, the buck pared its early gains and is now down against its major rivals. On a light day on the economic front, traders remain fixated on concerns over trade.

The Wall Street Journal reported that U.S. President Donald Trump plans to ban many Chinese companies from investing in U.S. technology firms and block additional technology exports to Beijing.

Trump also continued his harsh rhetoric on trade in a post on Twitter on Sunday, urging countries to remove "artificial" trade barriers and tariffs on U.S. goods.

"The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!" Trump tweeted.

New home sales in the U.S. rebounded by much more than expected in the month of May, according to a report released by the Commerce Department on Monday.

The Commerce Department said new home sales spiked by 6.7 percent to an annual rate of 689,000 in May after plunging by 3.7 percent to a revised rate of 646,000 in April. Economists had expected new home sales to climb by 1.5 percent.

The dollar rose to an early high of $1.1628 against the Euro Monday, but has since retreated to around $1.17.

Germany's business confidence weakened, as expected, in June as trade wars weighed on current assessment of companies, survey data from the Munich-based Ifo Institute showed Monday. The business climate index dropped to 101.8 in June from revised 102.3 in May. A similar score was last seen in May 2017. The reading also matched economists' expectations.

The buck reached a high of $1.3220 against the pound sterling Monday morning, but has since eased back to around $1.3275.

Bank of Japan policymakers said the bank should persistently continue with powerful monetary easing as there is still a long way to go to achieve the inflation target, according to Summary of Opinions at the meeting held on June 14 and 15.

The greenback climbed to a high of Y110.019 against the Japanese Yen Monday morning, but has since pulled back to around Y109.485.

Japan's leading index improved more than initially estimated in April, latest figures from the Cabinet Office showed Monday. The leading index, which measures the future economic activity, rose to 106.2 in April from 104.5 in March. The flash score for April was 105.6.

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