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Forex News: Dollar Little Changed Ahead Of Fed Announcement

Dollar Little Changed Ahead Of Fed Announcement

06/12/2018 - 14:28:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon, but remains little changed overall. Traders are in a cautious mood ahead of tomorrow's policy decision from the Federal Reserve. The Fed is widely expected to raise interest rates after its concludes its 2-day meeting tomorrow afternoon.

Investors are unsure what to make of the results of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong Un. Trump and Kim signed a joint statement pledging to work together to "build a lasting and stable peace regime on the Korean Peninsula."

However, the agreement fell short on some key details. The language of the agreement does not spell out how the denuclearization will be verified. A report released by the Labor Department on Tuesday showed another modest increase in consumer prices in the U.S. in the month of May. The Labor Department said its consumer price index rose by 0.2 percent in May, matching the increase seen in April as well as economist estimates.

The dollar fell to an early low of $1.1808 against the Euro Tuesday, but has since bounced back to around $1.1745.

German investor confidence declined more-than-expected in June to its lowest level in over five-and-a-half years, survey data from the Centre for European Economic Research or ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment for Germany shed 7.9 points in June to stand at minus 16.1 points, the Mannheim-based think tank said. Economists had expected a score of -14.

The buck dropped to a low of $1.3424 against the pound sterling Tuesday, but has since rebounded to around $1.3375.

The UK unemployment rate remained unchanged at the lowest level since 1975, the Office for National Statistics reported Tuesday. The ILO jobless rate remained at 4.2 percent in the three months ended April, but down from 4.6 percent a year ago. This was the joint lowest since 1975.

The greenback slid to a low of Y110.093 against the Japanese Yen Tuesday morning, but has since risen to around Y110.450.

Producer prices in Japan climbed 0.6 percent on month in May, the Bank of Japan said on Tuesday. That topped expectations for an increase of 0.2 percent, which would have been unchanged from April following an upward revision from 0.1 percent.

Japan's tertiary activity index increased in April after falling in the previous month, data from the Ministry of Economy, Trade and Industry showed Tuesday. The tertiary activity index climbed 1.4 percent month-over-month in April, reversing a 0.3 percent decrease in March.

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