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Forex News: Dollar Little Changed After Early Gains Erode

Dollar Little Changed After Early Gains Erode

11/07/2017 - 14:30:00 (RTTNews)

(RTTNews) - The dollar was up against its major rivals early Tuesday, but has since pared its gains and is now little changed overall. The continued lack of U.S. economic data is keeping some investors on the sidelines. However, consumer credit is due to be released later this afternoon and Janet Yellen is also due to make some comments at an event later today.

Most of the financial stability issues that were linked to low interest rates did not materialize and there are hardly any evidence that negative rates are hurting Eurozone banks' profitability, European Central Bank President Mario Draghi said Tuesday.

"At euro area level, we currently see no signs of credit-fueled housing bubbles, which are at the root of most serious financial crises," Draghi said in a speech at the second ECB Forum on Banking Supervision in Frankfurt.

"We have also seen little evidence that negative interest rates are undermining bank profitability, an issue which has caused a lot of concern," he said.

The dollar climbed to over a 3-month high of $1.1555 against the Euro Tuesday, but has since eased back to around $1.1580.

Eurozone retail sales rebounded in September largely reflecting a recovery in food sales, data from Eurostat showed Tuesday. Retail sales grew 0.7 percent month-on-month in September, reversing a 0.1 percent fall in August. This was the first increase in three months and came in better than the expected expansion of 0.6 percent.

Germany's industrial production declined more-than-expected in September, but the output expanded for the third quarter as a whole, signaling a robust underlying trend. Industrial production fell 1.6 percent month-on-month in September, in contrast to August's 2.6 percent increase, data from Destatis showed Tuesday.

This was the biggest fall since December 2016, when output decreased 1.8 percent. Production was forecast to drop 0.8 percent.

Germany's construction sector continued to expand strongly in October, though the rate of growth was the weakest in nine months, survey data from IHS Markit showed Tuesday. The headline Purchasing Managers' Index dropped slightly to 53.3 in October from 53.4 in September.

The buck rose to an early high of $1.3108 against the pound sterling Tuesday, but has since retreated to around $1.3150.

UK house prices increased at a faster pace in October, data from the mortgage lender Halifax and IHS Markit showed Tuesday. House prices increased 4.5 percent in three months to October from the same period of 2016, following 4 percent rise in three months to September. The annual rate came in line with expectations.

Like-for-like sales in the United Kingdom tumbled in October, the latest survey from the British Retail Consortium revealed on Tuesday - sliding 1.0 percent on year. That was well shy of forecasts for a gain of 0.8 percent and down sharply from the 1.9 percent increase in September.

The greenback reached a high of Y114.339 against the Japanese Yen this morning, but has since pulled back to around Y113.900.

The value of labor cash earnings in Japan was up 0.9 percent on year in September, government data showed on Tuesday. That exceeded expectations for an increase of 0.5 percent and was up from 0.7 percent in August.

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