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Forex News: Dollar Little Changed As Trade Concerns Weigh On

Dollar Little Changed As Trade Concerns Weigh On Sentiment

06/08/2018 - 14:52:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Friday afternoon, but remains little changed overall. Traders are preoccupied with worries over trade as President Trump traded barbs with G7 leaders ahead of their summit in Canada.

"Please tell Prime Minister Trudeau and President Macron that they are charging the U.S. massive tariffs and create non-monetary barriers," Trump tweeted.

He added, "The EU trade surplus with the U.S. is $151 Billion, and Canada keeps our farmers and others out. Look forward to seeing them tomorrow."

Wholesale inventories edged higher in the month of April, according to a report released by the Commerce Department on Friday, while wholesale sales saw a notable increase. The report said wholesale inventories inched up by 0.1 percent in April after rising by a revised 0.2 percent in March.

The uptick in inventories matches economist estimates and represents an upward revision from the preliminary reading showing inventories were unchanged.

The dollar climbed to an early high of $1.1726 against the Euro Friday, but has since retreated to around $1.1770.

Germany's exports dropped in April, while imports expanded after falling for three straight months, figures from Destatis showed Friday.

Exports fell by seasonally adjusted 0.3 percent month-on-month, in contrast to March's 1.8 percent increase. The 0.3 percent decline came in line with expectations.

Meanwhile, imports advanced 2.2 percent, reversing a 0.2 percent fall in March. Economists had forecast a 0.6 percent rise.

As a result, the trade surplus decreased to EUR 19.4 billion from EUR 21.6 billion in the previous month.

Germany's labor costs growth quickened in the three months ended March, after easing in the previous four quarters, figures from Destatis showed Friday. Labor costs per hour worked consisting of gross earnings and non-wage costs rose 2.3 percent year-over-year in the first quarter, faster than the 1.5 percent climb in the fourth quarter.

Germany's industrial production decreased unexpectedly in April, data from Destatis revealed Friday. Industrial output dropped 1 percent month-on-month in April, reversing a revised 1.7 percent rise in March. Output was forecast to grow 0.3 percent.

France's industrial production declined for the second straight month in April on weak mining activity, the statistical office Insee showed Friday. Industrial output dropped unexpectedly by 0.5 percent month-on-month in April, following March's 0.4 percent decrease. Output was forecast to grow 0.3 percent.

The buck rose to a high of $1.3353 against the pound sterling Friday, but has since eased back to around $1.3415.

The greenback slipped to a low of Y109.191 against the Japanese Yen Friday, but has since bounced back to around Y109.450.

Japan's gross domestic product was down 0.2 percent on quarter in the first three months of 2018, the Cabinet Office said in Friday's final reading.

That was unchanged from the May 16 preliminary reading, although it defied expectations for an upward revision to -0.1 percent.

On a seasonally adjusted annualized basis, GDP was also unchanged at -0.6 percent, missing forecasts for -0.4 percent.

Japan had a current account surplus of 1.845 trillion yen in April, the Ministry of Finance said on Friday - down 6.8 percent on year. That missed expectations for a surplus of 2.076 trillion yen following the 3.122 trillion yen surplus in March.

Overall bank lending in Japan was up 2.0 percent on year in May, the Bank of Japan said on Friday, coming in at 523.137 trillion yen. That was shy of estimates for 2.1 percent, which would have been unchanged from the April reading.

A measure of peoples' assessment of the Japanese economy decreased unexpectedly in May to the weakest level in more than one-and-a-half years, survey figures from the Cabinet Office showed Friday. The current index of Economy Watchers' survey dropped to 47.1 in May from 49.0 in April.

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