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Forex News: Dollar Little Changed In Lackluster Trade

Dollar Little Changed In Lackluster Trade

11/13/2017 - 14:55:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but remains little changed overall. The buck is holding onto some of its early gains against the British pound due to the political turmoil in the UK, but is nearly flat against the Euro and the Japanese Yen.

The lack of U.S. economic data is keeping some investors on the sidelines at the start of the trading week. Traders can look forward to the release of the producer price index Tuesday morning, as well as speeches from some Fed officials, including Janet Yellen.

The dollar has fallen to around $1.1665 against the Euro Monday afternoon, from an early high of $1.1636.

Germany's wholesale price inflation eased to a 3-month low in October, data from Destatis revealed Monday. Wholesale prices climbed 3 percent year-on-year in October, slower than the 3.4 percent increase seen in September. This was the weakest growth since July, when prices gained 2.2 percent.

Concerns over the U.K. Prime Minister Theresa May's leadership emerged after a media report revealed that Conservative party lawmakers have agreed to sign a letter of no confidence in the P.M.

The Sunday Times newspaper reported that as many as 40 Tory MPs were backing a motion of "no confidence" against the P.M., criticizing for her handling of EU negotiations.

This fell short of 48 MPs required to force a leadership challenge and remove May from office.

The buck climbed to an early high of $1.3061 against the pound sterling Monday, but has since retreated to around $1.3115.

The average asking price for a house in the United Kingdom was down 0.8 percent on month in November, property tracking website Rightmove said on Monday. That followed the 1.1 percent increase in October.

The greenback slid to an early low of Y113.243 against the Japanese Yen this morning, but has since bounced back to around Y113.565.

Producer prices in Japan were up 0.3 percent on month in October, the Bank of Japan said on Monday. That exceeded expectations for a gain of 0.1 percent and was unchanged from the September reading following an upward revision from 0.2 percent.

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