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Forex News: Dollar Little Changed As Investors Await Fed Announcement

Dollar Little Changed As Investors Await Fed Announcement

07/24/2017 - 14:10:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. Investors are in a cautious mood ahead of Wednesday's policy decision from the Federal Reserve.

The Fed will kick off its 2-day policy meeting on Tuesday. The central bank is widely expected to leave rate unchanged at the meeting, but investors will be paying close attention to the accompanying statement for any clues regarding the outlook for future rate hikes.

With low supply muting overall activity, the National Association of Realtors released a report on Monday showing a bigger than expected drop in existing home sales in the month of June. NAR said existing home sales slumped by 1.8 percent to an annual rate of 5.52 million in June from 5.62 million in May. Economists had expected existing home sales to drop by 1.0 percent.

The dollar has risen to around $1.1640 against the Euro Monday afternoon, from a low of $1.1684 this morning.

Eurozone private sector started the third quarter on a solid footing, but the pace of growth slowed for the second successive month in July, largely due to the moderation in the manufacturing sector. The composite output index fell to a 6-month low of 55.8 in July from 56.3 in June, flash data from IHS Markit showed Monday. The reading was expected to drop marginally to 56.2.

German private sector output growth slowed for the second month in July, flash survey data from IHS Markit showed Monday. The composite output index slid to 55.1 in July from 56.4 in June. This was the weakest expansion since January.

France's private sector output grew at the slowest pace in six months in July, flash survey data from IHS Markit showed Monday. The composite output index fell to a 6-month low of 55.7 in July from 56.6 in June.

The buck dropped to a 4-session low of $1.3057 against the pound sterling Monday, but has since bounced back to around $1.3035.

The greenback tumbled to over a 1-month low of Y110.614 against the Japanese Yen this morning, but has since rebounded to around Y111.150.

The manufacturing sector in Japan continued to expand in June, albeit at a slightly slower pace, the latest survey from Nikkei revealed on Monday with an eight-month low manufacturing PMI score of 52.2. That's down from 52.4 in June, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Japan's leading index increased less than initially estimated in May, latest figures from the Cabinet Office showed Monday. The leading index, which measures the future economic activity, rose to 104.6 in May from 104.2 April. The reading for May was revised down slightly from 104.7.

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