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Forex News: Dollar Little Changed As Investors Await Fed Minutes

Dollar Little Changed As Investors Await Fed Minutes

04/04/2017 - 14:29:00 (RTTNews)

(RTTNews) - The dollar is up slightly against all of its major rivals Tuesday afternoon, but is little changed overall. A number of investors are on the sidelines ahead of a series of major events later this week, the first of which is the release of the minutes Fed minutes tomorrow afternoon. Investors are hopeful that the minutes from the March meeting will contain some clues as to the Fed's outlook for interest rates.

A crucial meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this week has also triggered some uncertainty in the markets. The leaders are expected to discuss a number of issues, including trade. The U.S. jobs report for March is also slated for Friday.

Primarily reflecting a steep drop in the value of imports, the Commerce Department released a report on Tuesday showing that the U.S. trade deficit narrowed by more than expected in the month of February.

The Commerce Department said the trade deficit narrowed to $43.6 billion in February from a revised $48.2 billion in January. Economists had expected the deficit to narrow to $44.8 billion from the $48.5 billion originally reported for the previous month.

After reporting sharp increases in new orders for U.S. manufactured goods in the two previous months, the Commerce Department released a report on Tuesday showing that factory orders saw further upside in the month of February.

The Commerce Department said factory orders jumped by 1.0 percent in February after surging up by a revised 1.5 percent in January. Economists had expected orders to climb by 1.0 percent compared to the 1.2 percent increase originally reported for the previous month.

The dollar rose to an early high of $1.0634 against the Euro Tuesday, but has since retreated to around $1.0660.

Eurozone retail sales increased at the fastest pace in four months in February, largely reflecting higher clothing and footwear sales. Retail sales climbed 0.7 percent month-on-month in February, faster than the revised 0.1 percent rise seen in the prior month, data from Eurostat showed Tuesday. Sales were expected to grow 0.5 percent.

The buck climbed to a high of $1.2414 against the pound sterling Tuesday morning, but has since eased back to around $1.2445.

The UK construction sector growth slowed slightly in March, survey results from IHS Markit showed Tuesday. The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index dropped to 52.2 in March from 52.5 in February. The score was expected to remain unchanged at 52.5.

The greenback fell to a 1-week low of Y110.264 against the Japanese Yen Tuesday morning, but has since bounced back to around Y110.700.

The monetary base in Japan was up 20.3 percent on year in March, the Bank of Japan said on Tuesday, coming in at 436.263 trillion yen. That follows the 21.4 percent spike in February.

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