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Forex News: Dollar Little Changed As Data Disappoints

Dollar Little Changed As Data Disappoints

05/01/2017 - 14:02:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. Overall trading activity is on the light side, as the May Day holiday is keeping European investors away from their desks.

Traders are also in a cautious mood ahead of the Federal Reserve announcement Wednesday afternoon and the April jobs report on Friday.

Investors were confronted by a trio of U.S. economic reports this morning, the results of which proved to be rather disappointing. Personal income in the U.S. rose slightly less than expected in the month of March, according to a report released by the Commerce Department on Monday.

The report said personal income rose by 0.2 percent in March after climbing by a downwardly revised 0.3 percent in February. Economists had expected income to climb by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending was unchanged for the second consecutive month. Spending had been expected to rise by 0.2 percent.

Growth in U.S. manufacturing activity slowed more than expected in the month of April, the Institute for Supply Management revealed in a report released on Monday.

The ISM said its purchasing managers index dropped to 54.8 in April from 57.2 in March, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to dip to 56.5.

Construction spending in the U.S. unexpectedly decreased in the month of March, according to a report released by the Commerce Department on Monday. The report said construction spending dipped by 0.2 percent to an annual rate of $1.218 trillion in March from a revised $1.221 trillion in February.

The drop in construction spending came as a surprise to economists, who had expected spending to increase by 0.4 percent.

The dollar has climbed to around Y111.850 against the Japanese Yen this afternoon, from an early low of Y111.297.

The manufacturing sector in Japan continued to expand in April, and at a faster rate, the latest survey from Nikkei revealed on Monday with a PMI score of 52.7. That's up from 52.4 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The buck slipped to a low of $1.0923 against the Euro Monday, but has since rebounded to around $1.09.

The greenback fell to a low of $1.2936 against the pound sterling Monday, but has since bounced back to around $1.29.

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