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Forex News: Dollar Little Changed After Paring Early Gains

Dollar Little Changed After Paring Early Gains

02/06/2018 - 14:52:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon. After a positive start to the session, the buck has since pared its early gains. The currency is holding onto a slight gain against the Japanese Yen, but has turned slightly negative against the Euro and the British pound.

Traders are keeping a close eye on the struggles on the equity markets. Markets in Asia and Europe took big hits during today's session, after yesterday's sharp sell-off on Wall Street. The U.S. markets have been fluctuating between gains and losses over the course of today's trading session.

The dollar climbed to a high of $1.2314 against the Euro Tuesday, but has since retreated to around $1.2390.

Germany's factory orders rebounded at a faster-than-expected pace at the end of 2017 on foreign demand.

Factory orders increased 3.8 percent month-on-month in December, in contrast to a revised 0.1 percent drop in November, data from Destatis showed Tuesday. This was the fastest growth in four months. Orders were expected to climb moderately by 0.8 percent.

Germany's construction sector expanded at the fastest pace in nearly seven years in January on mild weather, survey results from IHS Markit showed Tuesday. The Purchasing Managers' Index rose sharply to 59.8 in January, the highest since March 2011, from 53.7 in December. A score above 50 indicates expansion in the sector.

The buck rose to a high of $1.3833 against the pound sterling Tuesday, but has since eased back to around $1.3960.

UK retail sales increased in January as rising food prices inflated spending, data from the British Retail Consortium showed Tuesday. Retail sales increased 0.6 percent on a like-for-like basis in January from the previous year, when they had decreased 0.6 percent. On a total basis, sales rose 1.4 percent in January.

The greenback reached a high of Y109.651 against the Japanese Yen Tuesday, but has since retreated to around Y109.300.

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