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Forex News: Dollar Little Changed Ahead Of Central Bank Announcements

Dollar Little Changed Ahead Of Central Bank Announcements

07/19/2017 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, but is little changed overall. The buck is recovering some ground against its major European rivals after falling to over a 1-year low against the Euro yesterday. Investors are in a cautious mood ahead of tomorrow's announcements from both the Bank of Japan and the European Central Bank.

Things were relatively quiet on the U.S. economic front this morning. After reporting an unexpected decline in new residential construction in the U.S. in the previous month, the Commerce Department released a report on Wednesday showing housing starts rebounded by more than expected in the month of June.

The report said housing starts surged up by 8.3 percent to an annual rate of 1.215 million in June from the revised May estimate of 1.122 million. Economists had expected housing starts to rise to a rate of 1.155 million from the 1.092 million originally reported for the previous month.

The Commerce Department said building permits also jumped by 7.4 percent to a rate of 1.254 million in June from 1.168 million in May. Building permits, an indicator of future housing demand, had been expected to climb to a rate of 1.200 million.

European Central Bank President Mario Draghi and his fellow policymakers are set to face a dilemma during the July rate-setting session as the bank seeks to chart its exit from its massive stimulus amid a lack of inflationary pressure.

The Governing Council, led by Draghi, is widely expected to keep all its three interest rates unchanged for an eleventh consecutive policy session on Thursday, and retain its asset purchases that are set to run until the end of the year.

That said, economists widely expect Draghi to tread very carefully when he speaks in the post-decision press conference.

After his comments at a central banking forum in Sintra, Portugal in late June, fed market expectations of an imminent tapering and send yields and the euro soaring, Draghi is set to measure each word he speaks so as to avoid the kind of market turbulence dubbed "taper-tantrum."

The dollar has bounced back to around $1.1515 against the Euro Wednesday afternoon, after dropping to over a 14-month low of around $1.1585 yesterday.

Eurozone construction output declined in May after recovering in April, data from Eurostat showed Wednesday. Construction output fell 0.7 percent in May from April, when it rose 0.3 percent. Civil engineering slid 0.9 percent and building construction dropped 0.6 percent in May.

Eurozone house price inflation held steady at more-than nine-year high in the three months ended March, data from Eurostat showed Wednesday. House prices climbed 4.0 percent year-over-year in the first quarter, the same rate of increase as in the fourth quarter, which was revised down slightly from a 4.1 percent rise reported earlier.

The buck has risen to around $1.3020 against the pound sterling this afternoon, after slipping to an early low of $1.3052.

The Japanese government maintained its economic view on Wednesday, reiterating that the economy is on a moderate recovery.

The government retained its view on private consumption, business investment, exports, industrial production and corporate profits. Assessment of employment and consumer prices were also kept unchanged.

The greenback fell to a low of Y111.543 against the Japanese Yen Wednesday, but has since rebounded to around Y111.760.

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