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Forex News: Dollar Losing Ground After Early Gains Erode

Dollar Losing Ground After Early Gains Erode

08/20/2018 - 14:16:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start against its major rivals Monday morning, but has since reversed and is now trading weaker. Traders appear to be exercising caution ahead of some important events this week.

China and the United States will hold lower-level trade talks this week, just before new U.S. tariffs on $16 billion of Chinese goods take effect.

Federal Reserve Chairman Jerome Powell is scheduled to speak Friday at the annual global central bank conference on monetary policy.

In addition, the Fed will release the minutes from its July 31-August 1 policy meeting on Wednesday, with investors looking for clues on whether the central bank will raise borrowing costs in September.

Greece has finally emerged out of its final bailout programme helping it to re-enter the financial markets to raise own funds for the first time in eight years.

"Greece is now in a position where it can enjoy the full extent of euro area membership, abiding by the same rules as every other euro country," Eurogroup President Mario Centeno said.

However, Greece's troubles are not yet over as it is emerging from the bailout with Eurozone's highest debt burden, which was about 180 percent of GDP, as of 2017.

The dollar climbed to an early high of $1.1394 against the Euro Monday, but has since dropped to around $1.1460.

Eurozone construction output increased for the third straight month in June, data from Eurostat showed Monday. Construction output advanced 0.2 percent month-over-month in June, but slower than the 0.3 percent rise in May.

Germany's producer price inflation held steady in July, in line with expectations, figures from Destatis showed Friday. Producer prices grew 3.0 percent year-on-year in July, the same rate of increase as in June.

The buck reached an early high of $1.2729 against the pound sterling Monday, but has since fallen to around $1.2780.

UK house prices dropped in August as more sellers entered the market during summer holiday season, property website Rightmove reportedly said Monday. Average asking prices decreased 2.3 percent in August from July.

The greenback rose to a high of Y110.684 against the Japanese Yen Monday morning, but has since retreated to around Y110.225.

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