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Forex News: Dollar Little Changed On Trade Data

Dollar Little Changed On Trade Data

06/06/2018 - 15:42:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, but remains little changed overall. The buck has recovered some of its early losses against its major European rivals and is modestly higher against the Japanese Yen.

Traders remain in a cautious mood ahead to the G-7 summit in Canada this week as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week.

Amid ongoing concerns about a global trade war, the Commerce Department released a report on Wednesday showing the U.S. trade deficit unexpectedly narrowed in the month of April. The Commerce Department said the trade deficit narrowed to $46.2 billion in April from a revised $47.2 billion in March.

Economists had expected the deficit to come in unchanged compared to the $49.0 billion originally reported for the previous month.

Labor productivity in the U.S. increased by less than previously estimated in the first quarter, according to a report released by the Labor Department on Wednesday.

The report said labor productivity rose by 0.4 percent in the first quarter compared to the previously estimated 0.7 percent growth. Economists had expected the increase in productivity to be downwardly revised to 0.6 percent.

Meanwhile, the rate of growth in unit labor costs in the first quarter was upwardly revised to 2.9 percent from 2.7 percent. The increase in costs had been expected to be revised to 2.8 percent.

The European Central Bank will reportedly begin discussing winding down its bond-buying program when it meets next week in Latvia.

The dollar dropped to nearly a 2-week low of $1.1795 against the Euro Wednesday, but has since bounced back to around $1.1765.

Germany's construction sector activity expanded at the fastest pace in four months in May, survey data from IHS Markit showed Wednesday. The construction Purchasing Managers' Index rose to 53.9 in May from 50.9 in April. Any reading above 50 indicates expansion in the sector.

The buck fell to a low of $1.3442 against the pound sterling Wednesday, but has since rebounded to around $1.3410.

The greenback has risen to around Y110.175 against the Japanese Yen this afternoon, from an early low of Y109.789.

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