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Forex News: Dollar Little Changed On Mixed Economic Data

Dollar Little Changed On Mixed Economic Data

04/30/2018 - 14:46:00 (RTTNews)

(RTTNews) - The dollar is clinging to modest gains against its major rivals Monday afternoon, after paring early gains. Economic data was mixed this morning, but traders appear to be looking ahead to this weeks' Fed decision and the U.S. jobs report at the end of the week.

Personal income in the U.S. increased by slightly less than expected in the month of March, according to a report released by the Commerce Department on Monday.

The report said personal income rose by 0.3 percent in March, matching the downwardly revised increase in February. Economists had expected income to climb by 0.4 percent.

Meanwhile, the Commerce Department said personal spending climbed by 0.4 percent in March after coming in unchanged in the previous month. The increase in spending matched economist estimates.

A report released by the National Association of Realtors on Monday showed pending home sales in the U.S. increased by less than expected in the month of March. NAR said its pending home sales index rose by 0.4 percent to 107.6 in March from a downwardly revised 107.2 in February. Economists had expected pending home sales to climb by 0.9 percent.

Chicago-area business activity grew at a slightly faster rate in the month of April, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer crept up to 57.6 in April from 57.4 in March, with a reading above 50 indicating growth. Economists had expected the barometer to inch up to 57.9.

The dollar has risen to around $1.2090 against the Euro Monday afternoon, from an early low of $1.2138.

Eurozone supply growth eased at a faster-than-expected pace in March, figures from the European Central Bank showed Monday. The broad monetary aggregate M3 climbed 3.7 percent year-on-year in March, weaker than the 4.2 percent rise seen in February. The expected growth was 4.0 percent.

Germany's retail sales declined unexpectedly in March, figures from Destatis revealed Monday.

Retail trade turnover dropped by real 0.6 percent month-on-month in March, bigger than the revised 0.2 percent decrease in February. This was the fourth consecutive decrease in sales. Sales were expected to grow 0.8 percent in March.

Germany's consumer price inflation remained unchanged in April, defying expectations for a modest slowing, while the harmonized figure eased. The consumer price index rose 1.6 percent year-on-year, same as in March, preliminary data from Destatis showed Monday. Economists had expected the rate to drop to 1.5 percent.

The buck climbed to a 2-month high of $1.3711 against the pound sterling Monday, but has since eased back to around $1.3760.

The greenback rose to a high of Y109.451 against the Japanese Yen Monday morning, but has since retreated to around Y109.175.

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