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Forex News: Dollar Little Changed Ahead Of Fed Announcement

Dollar Little Changed Ahead Of Fed Announcement

06/13/2017 - 13:51:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon, but is little changed overall. Investors are in a cautious mood ahead of tomorrow's policy decision from the Federal Reserve.

The Fed began its 2-day policy meeting this morning and is widely expected to hike interest rates by a quarter point when it concludes Wednesday afternoon. Traders will be paying particular attention to the accompanying statement, looking for clues to the central bank's outlook on future rate increases.

With an increase in prices for services offsetting a drop in fuel prices, the Labor Department released a report on Tuesday showing that U.S. producer prices were flat in the month of May. The Labor Department said its producer price index for final demand was unchanged in May after climbing by 0.5 percent in April. Economists had expected the index to inch up by 0.1 percent.

The dollar slipped to an early low of $1.1224 against the Euro Tuesday, but has since rebounded to around $1.12.

German economic confidence weakened unexpectedly to a 3-month low in June, but financial market experts' assessment about the current situation improved notably, a closely watched survey showed Tuesday.

The ZEW Indicator of Economic Sentiment dropped to 18.6 in June from 20.6 in May, according to survey data from the Mannheim-based Centre for European Economic Research/ZEW. The indicator remained below the long-term average of 23.9 points and economists' forecast of 21.7.

German wholesale price inflation eased to the lowest in five months in May, data published by Destatis showed Tuesday. Wholesale prices climbed 3.1 percent year-on-year in May, slower than the 4.7 percent increase seen in April. This was the weakest growth since December, when the rate was 2.8 percent.

France's payroll employment grew for the eighth successive quarter in the three months ended March, and at a slightly faster pace, latest data from the statistical office INSEE showed Tuesday. In the first quarter, payroll employment climbed 0.4 percent from the fourth quarter, when it increased by 0.3 percent.

The buck has dropped to around $1.2750 against the pound sterling Tuesday afternoon, from an early high of $1.2641.

UK inflation accelerated unexpectedly to the highest level in four years as the weakness in the sterling since the 'Brexit' vote made imports expensive. Inflation rose to 2.9 percent in May from 2.7 percent in April, data from the Office for National Statistics showed Tuesday.

This was the highest since June 2013 and notably above the central bank's target of 2 percent. Economists had forecast the annual rate to remain unchanged at 2.7 percent.

British house price inflation accelerated in April to the highest level in six months, after easing in the previous month, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.6 percent year-over-year in April, faster than the 4.5 percent rise in March.

The greenback rose to an early high of Y110.271 against the Japanese Yen Tuesday, but has since eased back to around Y109.950.

Japanese large industries' business sentiment deteriorated in the second quarter, the quarterly survey by the Ministry of Finance and the Cabinet Office showed Tuesday. The Business Survey Index, or BSI, fell to -2 in the second quarter from 1.3 in the previous period.

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