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Forex News: Dollar Little Changed Despite Jump In Consumer Confidence

Dollar Little Changed Despite Jump In Consumer Confidence

08/28/2018 - 14:28:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon. The relatively lackluster showing comes despite the release of the stronger than expected consumer confidence report this morning.

A report released by the Conference Board on Tuesday showed an unexpected improvement in U.S. consumer confidence in the month of August.

The Conference Board said its consumer confidence index surged up to 133.4 in August from an upwardly revised 127.9 in July. Economists had expected the index to dip to 126.8 from the 127.4 originally reported for the previous month.

With the unexpected increase, the consumer confidence index reached its highest level since hitting 135.8 in October of 2000.

Home price growth in major U.S. metropolitan areas unexpectedly slowed in the month of June, according to a report released by Standard & Poor's on Tuesday.

The report said the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index was up by 6.3 percent year-over-year in June compared to the 6.5 percent increase in May. Economists had expected the pace of price growth to remain unchanged.

The dollar dropped to a 1-month low of $1.1733 against the Euro Tuesday, but has since bounced back to around $1.17.

Eurozone monetary aggregate grew at a slower pace in July, the European Central Bank said Tuesday. The broad monetary aggregate M3 rose 4 percent annually, slower than the 4.5 percent rise seen in June. This was also slower than the 4.3 percent growth expected by economists.

France's consumer confidence held steady for the second straight month in August, in line with expectations, survey data from the statistical office Insee showed Tuesday. The consumer sentiment came in at 97 in August, the same reading as in the previous two months.

The buck fell to a low of $1.2931 against the pound sterling Tuesday morning, but has since rebounded to around $1.2875.

The greenback reached an early high of Y111.356 against the Japanese Yen Tuesday, but has since eased back to around Y111.165.

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