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Forex News: Dollar Losing Ground Ahead Of Fed Meeting

Dollar Losing Ground Ahead Of Fed Meeting

10/30/2017 - 14:51:00 (RTTNews)

(RTTNews) - The dollar is losing ground against its major rivals Monday afternoon. Traders are in a cautious mood ahead of a series of central bank meeting and important economic data later this week. The uncertainty surrounding who will ultimately hold the top job at the Federal Reserve has also given traders pause at the start of the new trading week.

The Bank of Japan, the Federal Reserve and the Bank of England will all hold policy meetings this week. Traders are also looking forward to the release of the U.S. jobs report for October on Friday.

The Wall Street Journal reported that Jerome Powell may be named as a successor to Yellen, whose term expires in February.

But the president has yet to make a formal decision and may change his mind, the report stated.

Powell, who joined the Fed board in 2012, is perceived as a moderate on monetary and economic policy.

Trump is likely to make an announcement on a new Fed chair ahead of his Asia tour beginning with Japan on November 5.

While the Commerce Department released a report on Monday showing U.S. personal income rose in line with economists in the month of September, the report also showed a bigger than expected jump in personal spending.

The report said personal income climbed by 0.4 percent in September after edging up by 0.2 percent in August. The increase in income matched economist estimates.

The Commerce Department also said personal spending surged up by 1.0 percent in September after inching up by 0.1 percent in August. Economists had expected spending to increase by 0.8 percent.

The dollar reached an early high of $1.1597 against the Euro Monday, but has since eased back to around $1.1630.

Eurozone economic confidence rose to the highest level since early 2001, survey results from the European Commission showed Monday.

The economic sentiment index improved more-than-expected to 114.0 in October from 113.1 in September. This was the highest since January 2001, when the reading was 144.4. The expected score was 113.3.

Germany's retail sales grew more than expected in September, figures from Destatis revealed Monday. Retail sales increased 4.1 percent year-on-year in September, the biggest in four months. Economists had forecast sales to rise 3.2 percent following the revised 3 percent increase in August.

Germany's unemployment rate remained unchanged in September, data from Destatis showed Monday. The jobless rate held steady at adjusted 3.6 percent in September. On an unadjusted basis, the unemployment rate fell to 3.5 percent from 3.7 percent in August.

Germany's inflation eased for the first time in five months in October and at a faster pace than expected, preliminary data from the Destatis showed Monday. The consumer price index rose 1.6 percent year-on-year following 1.8 percent climb in September. Economists had forecast 1.7 percent inflation. A similar rate was previously seen in June.

The buck has pulled back to around $1.32 against the pound sterling Monday afternoon, from an early high of $1.3126.

UK mortgage approvals declined to a 3-month low in September, the Bank of England reported Monday. The number of mortgage approvals fell to 66,232 in September from 67,232 in August. This was the lowest since June but above the expected level of 66,000.

The greenback has dropped to a 1-week low of Y113.190 against the Japanese Yen this afternoon, from an early high of Y113.834.

Retail sales in Japan increased as expected in September, after falling in the previous month, preliminary figures from the ministry of Economy, Trade and Industry showed Monday. Retail sales rose a seasonally adjusted 0.8 percent month-over-month in September, reversing a 1.6 percent fall in August. The figure also matched consensus estimate.

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