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Forex News: Dollar Little Changed As Week Draws To A

Dollar Little Changed As Week Draws To A Close

06/09/2017 - 14:15:00 (RTTNews)

(RTTNews) - The dollar has pared its early gains against its major rivals Friday afternoon and is little changed overall. Economic data was on the light side at the end of the trading week. Investors were also in a cautious mood ahead of next week's Federal Reserve meeting.

Reflecting decrease in inventories of both durable and non-durable goods, the Commerce Department released a report on Friday showing a bigger than expected drop in U.S. wholesale inventories in the month of April.

The Commerce Department said wholesale inventories fell by 0.5 percent in April after inching up by a revised 0.1 percent in March. Economists had expected inventories to dip by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

The dollar climbed to a high of $1.1165 against the Euro Friday, but has since eased back to around $1.1190, nearly flat for the session.

Germany's trade surplus decreased in April as imports growth exceeded exports, data published by Destatis revealed Friday.

Exports grew 0.9 percent month-on-month in April, faster than the 0.4 percent increase seen in March and the 0.3 percent rise economists had expected.

However, the growth in imports eased from March, the pace of expansion exceeded the improvement in exports.

Imports gained 1.2 percent in April after rising 2.1 percent in March. Nonetheless, imports were forecast to fall 0.5 percent.

Consequently, the trade surplus fell to a seasonally adjusted EUR 19.8 billion from EUR 19.9 billion in the previous month.

German hourly labor costs grew at a slower annual pace in the first quarter after accelerating sharply in the previous three months, preliminary data from Destatis showed Friday. Hourly labor costs rose a calendar-adjusted 2.5 percent year-on-year following 2.9 percent gain in the fourth quarter of 2016, which was the second strongest increase last year.

French industrial and manufacturing output contracted in April, the statistical office Insee showed Friday. Industrial production dropped unexpectedly by 0.5 percent month-on-month in April, in contrast to a 2.2 percent rise in March. Output was forecast to grow 0.2 percent.

The snap general election called by British Prime Minister Theresa May turned out to be a setback for the Conservative party, which lost their majority in the Parliament.

The ruling party is 10 seats short of the 326 seats required for a majority in the 650-member House of Commons. With just a handful of seats left to declare, it's all set for a hung parliament.

Opposition Labor Party made the biggest gains in Thursday's poll, winning 261 seats. Their leader Jeremy Corbyn demanded May's resignation, but she rejected the call saying her party would ensure stability in the country.

May later struck a deal with DUP, a minority party, and visited Buckingham Palace to stake claim to form a government. The buck jumped to a month and a half high of $1.2634 against the pound sterling Friday morning, but has since retreated to around $1.2715.

The UK visible trade deficit narrowed in April, data published by the Office for National Statistics showed Friday. The visible trade deficit declined to GBP 10.38 billion from GBP 12.04 billion in March. The expected level of shortfall was GBP 12 billion.

UK industrial production grew slightly in April, data from the Office for National Statistics showed Friday. Industrial output climbed moderately by 0.2 percent month-on-month in April, but it reversed March's 0.5 percent decrease. Output was forecast to climb at a faster pace of 0.7 percent.

The greenback broke out to a 1-week high of Y110.812 against the Japanese Yen Friday morning, but has since slipped back to around Y110.365.

Japan's tertiary activity index increased at a faster-than-expected pace in April, after falling in the previous four months, figures from the Ministry of Economy, Trade and Industry showed Thursday. The tertiary activity index rose 1.2 percent month-over-month in April, reversing a 0.3 percent drop in March. That was above the 0.5 percent climb economists had expected.

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