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Forex News: Dollar Little Changed After Long Weekend

Dollar Little Changed After Long Weekend

09/04/2018 - 14:53:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon, but remains little changed overall. Traders are in a cautious mood due to concerns over global trade after returning from the long holiday weekend.

President Donald Trump said in a post on Twitter on Saturday that there is "no political necessity to keep Canada in the new NAFTA deal."

"If we don't make a fair deal for the U.S. after decades of abuse, Canada will be out," Trump tweeted. "Congress should not interfere w/ these negotiations or I will simply terminate NAFTA entirely & we will be far better off."

Recent reports have suggested Trump also plans to move ahead with tariffs on $200 billion worth of Chinese imports as early as this week.

Activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of August, according to a report released by the Institute for Supply Management on Tuesday.

The ISM said its purchasing managers index climbed to 61.3 in August from 58.1 in July, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 57.7.

A report released by the Commerce Department on Tuesday showed a modest uptick in construction spending in the U.S. in the month of July. The Commerce Department said construction spending inched up by 0.1 percent to an annual rate of $1.315 trillion in July after falling by 0.8 percent to a revised rate of $1.314 trillion in June.

Economists had expected construction to rise by 0.5 percent compared to the 1.1 percent slump originally reported for the previous month.

The dollar climbed to over a 1-week high of $1.1530 against the Euro Tuesday, but has since eased back to around $1.1575.

Eurozone producer price inflation accelerated on energy prices in July, figures from Eurostat showed Tuesday. Producer prices advanced 4 percent year-on-year in July, following a 3.6 percent rise in June. Prices were expected to gain 3.9 percent in July.

The buck rose to an early high of $1.2810 against the pound sterling Tuesday, but has since retreated to around $1.2850.

UK construction activity expanded at the weakest pace in three months in August largely mirroring lack of new work on infrastructure projects, survey data from IHS Markit showed Tuesday.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell notably to 52.9 in August from July's 14-month peak of 55.8. The score was also below the expected 54.9.

UK like-for-like sales increased slightly in August, figures from the British Retail Consortium and KPMG showed Tuesday. Like-for-like sales rose slightly by 0.2 percent year-on-year in August. At the same time, total sales advanced 1.3 percent annually.

The greenback has climbed to around Y111.450 against the Japanese Yen this afternoon, from an early low of Y110.900.

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