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Forex News: Dollar Losing Ground Ahead Of Central Bank Announcements

Dollar Losing Ground Ahead Of Central Bank Announcements

07/30/2018 - 14:45:00 (RTTNews)

(RTTNews) - The dollar is down slightly against its major rivals Monday afternoon. Investors are in a cautious mood ahead of a flurry of central bank announcements this week.

The bank of Japan has begun its 2-day policy meeting and is expected to leave rates unchanged Tuesday.

The Federal Reserve will kick off its 2-day meeting Tuesday. The Fed is widely expected to leave interest rates unchanged, but traders are likely to keep a close eye on the accompanying statement for clues about the outlook for rates.

The Bank of England is widely expected to raise interest rates by a quarter point when it wraps up its policy meeting on Thursday.

Pending home sales in the U.S. rebounded by much more than anticipated in the month of June, according to a report released by the National Association of Realtors on Monday.

NAR said its pending home sales index climbed by 0.9 percent to 106.9 in June after falling by 0.5 percent to 105.9 in May. Economists had expected pending home sales to inch up by 0.1 percent.

The dollar has dropped to around $1.1710 against the Euro Monday afternoon, from an early high of $1.1648.

Eurozone economic confidence continued its downward trend hitting the lowest level in almost a year in July on weaker sentiment among retailers and firms, survey data from the European Commission showed Monday.

The economic sentiment index dropped slightly to 112.1 in July from 112.3 in the previous month. The score matched economists' expectations. The reading was the lowest since August 2017.

Germany's consumer price inflation slowed to a 3-month low in July, flash estimate from Destatis showed Monday. The consumer price index advanced 2 percent year-on-year in July, slightly slower than the 2.1 percent rise in June and 2.2 percent increase in May.

Inflation was expected to remain unchanged at 2.1 percent. This was the lowest rate since April, when prices rose 1.6 percent.

The buck has slipped to around $1.3135 against the pound sterling this afternoon, from a high of $1.3087 this morning.

UK mortgage approvals increased to a five-month high in June, figures from Bank of England showed Monday. The number of mortgage approvals rose to 65,619 in June from 64,684 in May. This was the highest level since January, when approvals totaled 67,156.

The greenback rose to an early high of Y111.165 against the Japanese Yen Monday, but has since eased back to around Y110.990.

Japan retail sales recovered in June, data from the Ministry of Economy, Trade and Industry showed Monday. Retail sales climbed 1.5 percent month-on-month in June, reversing a 1.7 percent fall in May. The rate came in line with expectations.

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