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Forex News: Dollar Little Changed Ahead Of Holiday

Dollar Little Changed Ahead Of Holiday

07/03/2018 - 12:08:00 (RTTNews)

(RTTNews) - The dollar is down slightly against its major rivals Tuesday, but remains little changed overall. Trading activity has been rather subdued ahead of Wednesday's Fourth of July holiday. Equity markets in the U.S. will be closing their doors early today ahead of Independence Day.

It was a light day on the U.S. economic front. New orders for U.S. manufactured goods unexpectedly rebounded in the month of May, according to a report released by the Commerce Department on Tuesday. The Commerce Department said factory orders climbed by 0.4 percent in May after falling by a revised 0.4 percent in April.

Economists had expected orders to come in unchanged compared to the 0.8 percent decrease originally reported for the previous month.

German Chancellor Angela Merkel and her coalition partners have reached a compromise deal to end a dispute over managing immigration.

The dollar dropped to an early low of $1.1673 against the Euro Tuesday, but has since rebounded to around $1.1650.

Eurozone retail sales remained unchanged in May as the increase in food sales was offset by a decline in non-food products turnover, data from Eurostat showed Tuesday. Sales were expected to gain 0.1 percent, reversing a 0.1 percent fall logged in April.

Eurozone producer price inflation accelerated in May to the highest level in twelve months, Eurostat reported Tuesday. Industrial producer prices climbed 3.0 percent year-over-year in May, faster than the 1.9 percent rise in April.

The buck fell to a low of $1.3206 against the pound sterling Tuesday, but has since bounced back to around $1.3175.

The UK construction output grew at the fastest pace in seven months in June, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Tuesday.

The construction Purchasing Managers' Index rose to 53.1 in June from 52.5 in May. The latest reading pointed to the sharpest rise in construction output since November 2017.

The greenback rose to an early high of Y111.136 against the Japanese Yen Tuesday, but has since retreated to around Y110.575.

The monetary base in Japan advanced 7.4 percent on year in June, the Bank of Japan said on Tuesday - coming in at 493.363 trillion yen. That follows the 8.1 percent gain in May.

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