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Forex News: Dollar Losing Ground On Light Data Day

Dollar Losing Ground On Light Data Day

11/06/2017 - 15:04:00 (RTTNews)

(RTTNews) - The dollar logged some early gains at the start of the new trading week, but is now losing ground against most of its major rivals. The lack of U.S. economic data is keeping some investors on the sidelines Monday.

Things will remain light on the economic front for much of the week. Traders can look forward to the release of weekly jobless claims data on Thursday and consumer sentiment is slated for Friday. Janet Yellen is also scheduled to make some remarks at an event Tuesday afternoon.

The dollar rose to an early high of $1.1580 against the Euro Monday, but has since retreated to around $1.1610, nearly unchanged for the day.

Eurozone investor confidence reached its highest level in more than ten years in November, survey results from think tank Sentix showed Monday. The investor sentiment index climbed more-than-expected to 34.0 in November from 29.7 in October. This was the highest since July 2007 and the expected score was 31.0.

Eurozone producer price inflation accelerated at a faster-than-expected pace in September, data from Eurostat showed Monday. Producer prices climbed 2.9 percent year-over-year in September, following a 2.5 percent increase in August. Economists had expected the inflation to rise to 2.8 percent.

The euro area private sector started the final quarter on a strong footing but the pace of expansion slowed since September, final data from IHS Markit showed Monday. The composite output index fell to 56.0 in October from 56.7 in September. But the reading was slightly above the flash estimate of 55.9 and also the indicator signaled expansion in each of the past 52 months.

Germany's factory orders increased unexpectedly in September driven by foreign demand, while domestic orders remained weak.

Factory orders grew 1 percent month-on-month in September, but slower than August's revised 4.1 percent increase, data from Destatis revealed Monday. This was the second consecutive rise and came in contrast to the expected decrease of 1.1 percent.

The buck has dropped to around $1.3170 against the pound sterling Monday afternoon, from an early high of $1.3057.

Japan's economic growth is sustainable largely as both external and domestic demand support in a well-balanced manner, Bank of Japan Governor Haruhiko Kuroda said Monday.

Both the advanced and emerging economies continued to improve, supporting Japan's economic expansion, he told business leaders in Nagoya.

The current economic expansion is not relying on a single factor, but rather is underpinned by multiple factors. Therefore, the BoJ consider the expansion as quite sustainable, Kuroda said.

Members of the Bank of Japan's monetary policy board said that the country's economy continues to proceed at an acceptable pace, minutes from the bank's September 20-21 meeting revealed on Monday.

The board cited downside risks to growth as unpredictability in U.S. economic policies, as well as uncertainty caused by the United Kingdom's withdrawal from the European Union.

The greenback reached an early high of Y114.729 against the Japanese Yen Monday, but has since dropped to around Y113.765.

The services sector in Japan continued to expand in October, and at an accelerated pace, the latest survey from Nikkei showed on Monday with a 26-month high PMI score of 53.4. That's up from 51.0 in September, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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