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Forex News: Dollar Little Changed After Recovering From Early Weakness

Dollar Little Changed After Recovering From Early Weakness

09/11/2018 - 14:54:00 (RTTNews)

(RTTNews) - The dollar is little changed overall Tuesday afternoon, after bouncing back from some early weakness. Another light day on the U.S. economic front is keeping a number of investors on the sidelines.

Traders can look forward to the release of the producer price index Wednesday morning, as well as the Beige Book in the afternoon. The consumer price index and weekly jobless claims will follow on Thursday, while Friday will see the release of retail sales, industrial production, consumer sentiment and more.

The dollar dropped to an early low of $1.1643 against the Euro Tuesday, but has since rebounded to around $1.1585.

Eurozone employment increased at a steady pace in the second quarter, data from Eurostat showed Tuesday. Employment increased 0.4 percent sequentially in the second quarter, the same rate as seen in the first quarter. The annual growth also remained unchanged, at 1.5 percent.

German economic sentiment improved more-than-expected to a four-month high in September, despite trade war fears, survey data from the Centre for European Economic Research, or ZEW, showed Tuesday.

The economic sentiment indicator climbed to -10.6 from -13.7 in August, the Mannheim-based think tank said. Economists had expected a moderate improvement to -13.5. The score was the highest since May.

France's payroll employment increased slightly in the second quarter, data from the statistical office Insee showed Tuesday. Net payroll job creation rose 12,500 in the second quarter or zero percent, after rising 47,500 in the previous quarter.

Mark Carney is set to continue as the governor of the Bank of England until the end of January 2020 to support a smooth Brexit and transition, UK Chancellor Philip Hammond confirmed Tuesday.

Hammond made the announcement while speaking at the Parliament. The seven-month extension was agreed in an exchange of letters between the Governor and the Chancellor, the Treasury said in a statement.

The buck fell to a low of $1.3086 against the pound sterling Tuesday, but has since bounced back to around $1.3010.

The UK unemployment rate remained unchanged at the lowest since 1975 and wages growth exceeded expectations amid record vacancies, data from the Office for National Statistics showed Tuesday.

The unemployment rate came in at 4 percent in three months to July, according to labor force survey. This was the lowest rate since February 1975 and in line with economists' expectations.

At the same time, the employment rate rose to 75.5 percent in the three months to July from 75.3 percent in the previous year.

Data showed that average earnings including bonuses grew 2.6 percent annually, faster than the expected 2.5 percent.

The greenback has climbed to around Y111.600 against the Japanese Yen Tuesday afternoon, from an early low of Y111.142.

The M2 money stock in Japan was up 2.9 percent on year in August, the Bank of Japan said on Tuesday, coming in at 1,006.1 trillion yen. That was unchanged from the July reading following a downward revision from 3.0 percent.

Japan's tertiary industry activity recovered in July, data from the Ministry of Economy, Trade and Industry showed Tuesday. The tertiary industry activity index edged up 0.1 percent on month in July, in line with expectations, after declining by revised 0.6 percent in June.

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