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Forex News: Dollar Little Changed After Paring Early Gains

Dollar Little Changed After Paring Early Gains

01/16/2018 - 14:22:00 (RTTNews)

(RTTNews) - The dollar is nearly flat Tuesday afternoon, after giving back most of its early gains against its major rivals. Economic data was on the light side this morning, as traders made their return from the long holiday weekend. Things will begin to pick up on the economic front tomorrow.

Industrial production and homebuilder confidence data will be released Wednesday morning, while the Fed will release the Beige Book in the afternoon.

Growth in activity in the New York manufacturing sector slowed in the month of January, according to a report released by the Federal Reserve Bank of New York on Tuesday.

The New York Fed said its general business conditions index dropped to 17.7 in January from an upwardly revised 19.6 in December. A positive reading still indicates growth in regional manufacturing activity.

The dollar climbed to a high of $1.2193 against the Euro Tuesday, but has since retreated to around $1.2265.

Germany's consumer price inflation accelerated to a five-year high in 2017, final data published by Destatis showed Tuesday. Consumer price inflation climbed to 1.8 percent in 2017 from 0.5 percent a year ago. This was the highest rate since 2012. Between 2014 and 2016, the inflation rates were even below one percent each.

The buck rose to an early high of $1.3741 against the pound sterling Tuesday, but has since eased back to around $1.3795.

UK inflation slowed for the first time in six months in December, on air fares and recreational goods costs, official data showed Tuesday. Inflation eased to 3 percent in December from 3.1 percent in November, the Office for National Statistics reported. The rate came in line with expectations and was the first decrease in six months.

British house price inflation eased in November after accelerating in the previous month, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.1 percent year-over-year in November, slower than the 5.4 percent rise in October, which was revised up from a 4.5 percent increase reported earlier.

The greenback reached a high of Y110.980 against the Japanese Yen Tuesday morning, but has since dropped to around Y110.500.

Producer prices in Japan were up 0.2 percent on month in December, the Bank of Japan said on Tuesday. That missed forecasts for an increase of 0.4 percent following the upwardly revised 0.5 percent gain in November.

Japan's tertiary activity index increased for the second straight month in November, and at a faster-than-expected rate, data published by the Ministry of Economy, Trade and Industry showed Tuesday. The tertiary activity index climbed 1.1 percent month-over-month in November, following a 0.2 percent rise in October. Economists had expected a 0.4 percent gain for the month.

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