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Forex News: Dollar Little Changed After Recovering From Early Weakness

Dollar Little Changed After Recovering From Early Weakness

06/28/2018 - 14:29:00 (RTTNews)

(RTTNews) - The dollar got off to a weak start Thursday, but has since pared its early losses. The buck is turning in a mixed performance against its major rivals, but remains little changed overall. Traders were disappointed by the weaker than expected GDP report this morning.

Reflecting downward revisions to private inventory investment, consumer spending, and exports, the Commerce Department released a report on Thursday showing an unexpected downward revision to the pace of U.S. economic growth in the first quarter.

The Commerce Department said real gross domestic product increased by 2.0 percent in the first quarter compared to the previous estimate of 2.2 percent growth. Economists had expected the pace of GDP growth to be unrevised.

After reporting decreases in first-time claims for U.S. unemployment benefits for four consecutive weeks, the Labor Department released a report on Thursday showing initial jobless claims rebounded by more than expected in the week ended June 23rd.

The report said initial jobless claims rose to 227,000, an increase of 9,000 from the previous week's unrevised level of 218,000. Economists had expected jobless claims to inch up to 220,000.

The dollar rose to an early high of $1.1527 against the Euro Thursday, but has since eased back to around $1.1570.

Eurozone economic confidence deteriorated moderately to a 10-month low in June, while business sentiment remained broadly stable despite trade disputes with the U.S., data from the European Commission showed Thursday.

The economic sentiment index fell to 112.3 in June from 112.5 in May. This was the lowest since last August but remained above the expected score of 112.0.

A measure reflecting the current economic situation in euro area decreased for the fourth straight month in June to the lowest level in just over one-and-a-half years, results of a survey by the Bank of Italy and the Centre for Economic Policy Research showed Thursday.

The Bank of Italy/CEPR Eurocoin indicator dropped to 0.48 in June from 0.55 in May.

Germany's consumer confidence is set to remain stable in July, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index held steady at 10.7 points in July. This was slightly above the expected level of 10.6.

Germany's consumer prices climbed at a slightly slower pace in June, preliminary data from Destatis showed Thursday. Consumer price inflation slowed slightly to 2.1 percent in June, as expected, from 2.2 percent in May. Final data is due on July 12. The 2.2 percent inflation seen in May was the highest since February 2017.

The buck climbed to a high of $1.3049 against the pound sterling Thursday morning, but has since retreated to around $1.3075.

The greenback has risen to around Y110.425 against the Japanese Yen Thursday afternoon, from an early low of Y109.965.

Japan's retail sales declined sharply in May signaling weak consumer spending, figures from the Ministry of Economy, Trade and Industry showed Thursday. Retail sales decreased 1.7 percent month-on-month in May, reversing a 1.3 percent rise in April. Sales were expected to decline moderately by 0.8 percent.

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