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Forex News: Dollar Little Changed As Investors Focus On Washington

Dollar Little Changed As Investors Focus On Washington

01/19/2018 - 15:04:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon. After a weak start to the session, the buck has since pared its losses and is now little changed overall. Economic data was on the light side at the end of the trading week. The focus among investors remains on Washington as lawmakers scramble to avoid a government shutdown.

The House voted 230 to 197 in favor of a short-term government spending bill Thursday night, with the vote largely coming down along party lines.

However, the future of the spending bill in the Senate is uncertain, with Democrats saying they have the votes to block the legislation.

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of January, according to a preliminary report released by the University of Michigan on Friday. The report said the consumer sentiment index dipped to 94.4 in January from the final December reading of 95.9. Economists had expected the index to rise to 97.0.

The dollar fell to an early low of $1.2294 against the Euro Friday, but has since rebounded to around $1.2235.

The euro area current account surplus increased in November after falling for two straight months, data from the European Central Bank showed Friday. The current account surplus rose to EUR 32.5 billion from EUR 30.3 billion in October.

Germany's producer price inflation eased in December, figures from Destatis showed Friday. Producer prices climbed 2.3 percent year-on-year in December, slower than the 2.5 percent increase registered in November. A similar weaker rate was last seen in July.

The buck dropped to a low of $1.3945 against the pound sterling Friday morning, but has since bounced back to around $1.3875.

UK retail sales in December declined more-than-expected from the previous month when consumers were lured by Black Friday promotions, data from the Office for National Statistics revealed Friday.

Retail sales volume dropped by a more-than-expected 1.5 percent from November, when they grew 1 percent.

This was the biggest fall since June 2016 and the largest in seven years for the month of December. Economists had forecast a 1 percent fall.

The greenback reached an early high of Y111.121 against the Japanese Yen Friday, but has since slipped to around Y110.620.

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