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Forex News: Dollar Falling Vs. Yen As Investors Flock To

Dollar Falling Vs. Yen As Investors Flock To Safe Havens

06/06/2017 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is little changed against its major European competitors Tuesday afternoon, but is losing ground against the Japanese Yen. Investors have turned defensive as tensions rise in the Middle East and ahead of a series of potentially market moving events on Thursday.

A number of Middle Eastern countries have decided to severe diplomatic relations with Qatar amid accusations it is supporting terrorism. The news has helped to drive crude oil prices further to the downside.

Traders are looking forward to the results of the European Central Bank meeting on Thursday, as well as the UK elections. Former FBI Director James Comey's will also begin his congressional testimony on Thursday.

Meanwhile, the lack of U.S. economic data is keeping some investors on the sidelines. The rest of the week is also shaping up to be light on the economic front. Consumer credit is due to be released Wednesday afternoon, while weekly jobless claims are slated for Thursday morning. Wholesale trade data is also due to be released on Friday.

The dollar rose to an early high of $1.1239 against the Euro Tuesday, but has since retreated to around $1.1280.

Eurozone investor confidence strengthened to a near decade high in June, survey results from think tank Sentix showed Tuesday. The investor confidence index rose to 28.4 in June from 27.4 in May. This was the highest reading since July 2007. The score was forecast to remain unchanged at 27.4.

Eurozone retail sales grew only marginally in April as the rebound in food sales was partially offset by the weakness in non-food turnover.

Retail sales volume edged up 0.1 percent in April from March, when they rose by revised 0.2 percent, data published by Eurostat showed Tuesday. This was the fourth consecutive rise in sales. The monthly growth rate came in line with expectations.

Germany's construction activity growth improved at the second-fastest rate in over a year in May, survey data from IHS Markit showed Tuesday. The construction Purchasing Managers' Index climbed to 55.3 in May from 54.6 in April.

The buck dipped to an early low of $1.2949 against the pound sterling Tuesday, but has since rebounded to around $1.2890.

British consumers reduced their spending as household budgets were increasingly squeezed by rising inflation, data published by the British Retail Consortium and KPMG showed Tuesday. Like-for-like sales declined 0.4 percent in May from the previous year, when they advanced 0.5 percent. Sales were expected to drop 0.2 percent.

The greenback has dropped to over a 1-month low of Y109.315 against the Japanese Yen this afternoon, from an early high of Y110.445.

Total labor cash earnings in Japan increased at a faster-than-expected pace in April, preliminary report from the Ministry of Health, Labor and Welfare showed Tuesday.

Gross earnings climbed 0.5 percent year-over-year in April, after remaining flat in March, which was revised from a 0.4 percent fall reported earlier. Economists had expected a 0.3 percent rise for the month.

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