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Forex News: Dollar Falling After Paring Early Gains

Dollar Falling After Paring Early Gains

12/27/2018 - 14:14:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start of Thursday's session, but has since reversed and is now down against its major rivals. Political uncertainty in the U.S. and global economic growth concerns weighed on sentiment.

With the government shutdown entering the sixth day on Thursday, President Donald Trump and congressional Democrats remained deadlocked over funding for Mexican border wall.

Trump retained its harder stance, saying that he'll do "whatever it takes" to get money for border security.

Worries that the U.S. and China may not agree on a long term trade deal anytime in the foreseeable future also weighed on sentiment.

U.S. economic data proved mixed Thursday morning. First-time claims for U.S. unemployment benefits edged slightly lower in the week ended December 22nd, according to a report released by the Labor Department on Thursday. The report said initial jobless claims slipped to 216,000, a decrease of 1,000 from the previous week's revised level of 217,000.

Economists had expected jobless claims to inch up to 217,000 from the 214,000 originally reported for the previous week.

Consumer confidence in the U.S. tumbled by much more than expected in the month of December, according to a report released by the Conference Board on Thursday. The Conference Board said its consumer confidence index slumped to 128.1 in December after dipping to a revised 136.4 in November.

Economists had expected the consumer confidence index to edge down to 134.0 from the 135.7 originally reported for the previous month.

The dollar rose to an early high of $1.1357 against the Euro Thursday, but has since dropped to around $1.1445.

The buck climbed to a high of $1.2615 against the pound sterling Thursday, but has since retreated to around $1.2650.

The greenback reached a high of Y111.232 against the Japanese Yen Thursday morning, but has since eased back to around Y110.560.

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