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Forex News: Dollar Little Changed On Light Data Day

Dollar Little Changed On Light Data Day

06/20/2018 - 14:31:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday, but remains little changed overall. Economic data was rather scarce mid-week, but traders can look forward to the release of weekly jobless claims, the Philly Fed index and the leading economic index on Thursday.

Concerns over a trade war between the U.S. and China eased somewhat Wednesday, following yesterday's pullback in global equity markets.

Existing home sales in the U.S. unexpectedly decreased in the month of May, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales fell by 0.4 percent to an annual rate of 5.43 million in May after plunging by 2.7 percent to a downwardly revised 5.45 million in April.

The drop surprised economists, who had expected existing home sales to climb to an annual rate of 5.52 million from the 5.46 million originally reported for the previous month.

The dollar climbed to an early high of $1.1534 against the Euro Wednesday, but has since eased back to around $1.1585.

Germany's producer prices increased at the fastest pace in seven months in May, figures from Destatis showed Wednesday. Producer prices climbed 2.7 percent year-on-year in May, faster than the 2 percent increase in April. A similar faster growth was last seen in October. Prices were forecast to climb 2.5 percent.

The Bank of England will meet on Thursday, but no rate hikes are expected.

The buck fell to a low of $1.3216 against the pound sterling Wednesday, but has since rebounded to around $1.3180.

The greenback slipped to a low of Y109.849 against the Japanese Yen Wednesday, but has since risen to around Y110.325.

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