FOREX TradingCharts.com

Forex News: Dollar Little Changed After Beige Book Released

Dollar Little Changed After Beige Book Released

11/29/2017 - 14:51:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon. However, the currency remains little changed overall despite an eventful day in terms of both economic data and statements from central bankers.

The Federal Reserve in its Beige Book Wednesday said inflationary pressures have strengthened, paving the way for an interest rate hike in December.

The U.S. economy continued to grow at a "modest to moderate pace" through mid-November as the labor market tightened, the survey also noted.

"Most districts reported employers were having difficulties finding qualified workers across skill levels," the report said. Still, "wage growth was modest or moderate in most districts."

Federal Reserve Chair Janet Yellen cemented expectations for a U.S. interest rate hike in December Wednesday morning, with a rosy assessment of the domestic economy.

In prepared remarks ahead of what is likely to be her final appearance before Congress, the outgoing Fed leader also said that inflation will move toward the Fed's 2% annual target.

"The economic expansion is increasingly broad-based across sectors as well as across much of the global economy," Yellen said in her remarks. "I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen further, supporting faster growth in wages and incomes."

"We continue to expect that gradual increases in the federal funds rate will be appropriate to sustain a healthy labour market and stabilize inflation around (our) 2 per cent objective," Yellen said.

A report released by the Commerce Department on Wednesday showed stronger than previously estimated U.S. economic growth in the third quarter.

The report said real gross domestic product surged up by an upwardly revised 3.3 percent in the third quarter compared to the originally reported 3.0 percent jump. Economists had expected the increase in GDP to be upwardly revised to 3.2 percent.

Primarily reflecting a bounce back in the South after hurricane-related disruptions in the previous month, the National Association of Realtors released a report on Wednesday showing a bigger than expected jump in pending home sales in the U.S. in the month of October.

NAR said its pending home sales index surged up by 3.5 percent to 109.3 in October after dipping by 0.4 percent to a downwardly revised 105.6 in September. Economists had expected pending home sales to climb by 1.0 percent.

The dollar climbed to a high of $1.1816 against the Euro Wednesday, but has since retreated to around $1.1860.

Eurozone economic confidence continued to improve in November hitting a 17-year high, suggesting robust growth momentum towards the end of the year.

The economic confidence index improved to 114.6 from a revised 114.1 in the previous month, survey data from the European Commission showed Wednesday. The score was in line with expectations and the highest since October 2000.

Germany's inflation accelerated for the first time in three months in November and exceeded economists' expectations, preliminary data from Destatis showed on Wednesday. The consumer price index rose 1.8 percent year-on-year following 1.6 percent increase in October. Economists had forecast 1.7 percent inflation.

France's economic growth matched the initial estimate in the third quarter, the second estimate from the statistical office Insee showed Wednesday. Gross domestic product grew 0.5 percent sequentially, in line with the estimate released on October 31, but slightly slower than the 0.6 percent expansion posted in the second quarter.

French consumer spending declined notably in October, after rebounding in the previous month, figures from the statistical office INSEE showed Wednesday. Consumer spending dropped 1.9 percent month-over-month in October, reversing a 1.0 percent rise in September.

Media reports began to surface Tuesday afternoon that Britain and the EU have edged closer towards a deal on Brexit divorce bill, enabling to begin talks on an interim trade deal.

The U.K. has reportedly offered to pay more than ?50 billion, although the final amount will be dependent on how each side calculates the figure from an "agreed methodology".

Settling the Brexit bill is a crucial condition for moving talks on to future relations including a future free trade agreement.

The buck dropped to a 2-month low of $1.3448 against the pound sterling Wednesday, but has since rebounded to around $1.3425.

UK mortgage approvals declined to a 13-month low in October, the Bank of England showed Wednesday. The number of mortgages approved in October fell to 64,575 from 66,111 in September. The number was forecast to drop to 65,000. This was the lowest since September 2016, when it totaled 64,144.

Shop prices in the United Kingdom were down 0.1 percent on year in November, the British Retail Consortium said on Wednesday. That was in line with expectations and unchanged from the October reading.

The greenback rose to a high of Y112.143 against the Japanese Yen Wednesday, but has since eased back to around Y111.835.

Retail sales in Japan were roughly flat on a seasonally adjusted basis in October, the Ministry of Economy, Trade and Industry said on Wednesday. That missed forecasts for an increase of 0.2 percent and was down from 0.8 percent in September.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Remains Down After Fed Hikes Rates (04 hr(s), 34 min(s), 14 sec(s) ago)
(RTTNews) - The dollar is down against all of its major rivals Wednesday afternoon. As expected, t ...Full Story»

Dollar Falls As U.S. Core Inflation Softens (09 hr(s), 55 min(s), 14 sec(s) ago)
(RTTNews) - The U.S. dollar declined against its key counterparts in the European session on Wedne ...Full Story»

Dollar Falls After U.S. CPI (10 hr(s), 55 min(s), 13 sec(s) ago)
(RTTNews) - Following the release of the U.S. consumer price index for November at 8.30 am ET Wedn ...Full Story»

Dollar Mixed Ahead Of U.S. CPI (11 hr(s), 01 min(s), 14 sec(s) ago)
(RTTNews) - The U.S. consumer price index for November will be published at 8.30 am ET Wednesday. ...Full Story»

Canadian Dollar Rises On Higher Oil Prices After API Data (11 hr(s), 34 min(s), 14 sec(s) ago)
(RTTNews) - The Canadian dollar erased its early losses against its major rivals in the European s ...Full Story»

Canadian Dollar Recovers Against Majors (12 hr(s), 28 min(s), 14 sec(s) ago)
(RTTNews) - The Canadian dollar bounced off from its previous lows against its major counterparts ...Full Story»

Euro Little Changed After Eurozone Industrial Production (14 hr(s), 25 min(s), 14 sec(s) ago)
(RTTNews) - Following the release of Eurozone industrial production for October at 5.00 am ET Wedn ...Full Story»

Euro Mixed Ahead Of Eurozone Industrial Production (14 hr(s), 28 min(s), 14 sec(s) ago)
(RTTNews) - At 5.00 am ET Wednesday, Eurostat publishes euro area industrial production for Octobe ...Full Story»

Search

FOREX NEWS

Dollar Remains Down After Fed Hikes Rates

12/13/2017 - 14:51 PM (RTTNews)
(RTTNews) - The dollar is down against all of its major rivals Wednesday afternoon. As expected, t ...Full Story>>

Dollar Falls As U.S. Core Inflation Softens

12/13/2017 - 09:32 AM (RTTNews)
(RTTNews) - The U.S. dollar declined against its key counterparts in the European session on Wedne ...Full Story>>

Dollar Falls After U.S. CPI

12/13/2017 - 08:32 AM (RTTNews)
(RTTNews) - Following the release of the U.S. consumer price index for November at 8.30 am ET Wedn ...Full Story>>

Dollar Mixed Ahead Of U.S. CPI

12/13/2017 - 08:25 AM (RTTNews)
(RTTNews) - The U.S. consumer price index for November will be published at 8.30 am ET Wednesday. ...Full Story>>

Canadian Dollar Rises On Higher Oil Prices After API Data

12/13/2017 - 07:51 AM (RTTNews)
(RTTNews) - The Canadian dollar erased its early losses against its major rivals in the European s ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.