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Forex News: Dollar Little Changed Ahead Of Yellen Speech

Dollar Little Changed Ahead Of Yellen Speech

10/04/2017 - 14:23:00 (RTTNews)

(RTTNews) - The dollar is trading slightly lower against all of its major rivals Wednesday afternoon, but is little changed overall. A pair of better than expected economic reports this morning has helped the dollar to trim its early losses against its major European rivals.

However, investors remain in a cautious mood ahead of a speech from Federal Reserve Chair Janet Yellen later this afternoon. Traders are also looking forward to the release of the U.S. jobs report Friday morning.

Employment in the U.S. private sector climbed by slightly more than anticipated in the month of September, according to a report released by payroll processor ADP on Wednesday. ADP said private sector employment rose by 135,000 jobs in September after surging up by a revised 228,000 jobs in August.

Economists had expected employment to climb by 125,000 jobs compared to the 237,000 job jump originally reported for the previous month.

Activity in the U.S. service sector grew at a notably faster rate in the month of September, the Institute for Supply Management revealed in a report on Wednesday.

The ISM said its non-manufacturing index jumped to 59.8 in September from 55.3 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to inch up to 55.5.

The dollar dropped to a low of $1.1787 against the Euro Wednesday, but has since bounced back to around $1.1765.

Eurozone retail sales decreased for the second straight month in August, defying economists' forecast for a rebound, data from Eurostat showed Wednesday. Retail sales volume fell 0.5 percent month-over-month in August, following a 0.3 percent drop in July. Meanwhile, economists had expected a 0.3 percent rise for the month.

The euro area private sector ended the third quarter strongly as output growth accelerated to a four-month high, underpinned by new orders in September, final data from IHS Markit showed Wednesday. The composite output index rose to 56.7 in September from 55.7 a month ago. The score matched the preliminary estimate.

The buck slipped to a low of $1.3291 against the pound sterling Wednesday, but has since rebounded to around $1.3250.

The UK services sector growth improved unexpectedly at the end of the third quarter, though slightly, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Wednesday.

The services Purchasing Managers' Index, or PMI, climbed to 53.6 in September from August's 11-month low of 53.2. Economists had expected the index to remain stable at 53.2.

Shop prices in the United Kingdom were down 0.1 percent on year in September, the British Retail Consortium said on Wednesday, threatening to emerge from deflation for the first time in four years. The September reading follows the 0.3 percent decline in August.

The greenback climbed to a high of Y112.937 against the Japanese Yen Wednesday, but has since eased back to around Y112.775.

The services sector in Japan continued to expand in September, albeit at a slower rate, the latest survey from Nikkei revealed on Wednesday with a PMI score of 51.0. That's down from 51.6 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

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