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Forex News: Dollar Losing Ground After Positive Start

Dollar Losing Ground After Positive Start

09/17/2018 - 14:53:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start against its major rivals Monday morning, but has since turned lower as the day has progressed. On a light day for U.S. economic data, investors continue to focus on global trade.

President Donald Trump reportedly intends to proceed with plans to impose tariffs on $200 billion worth of Chinese goods as early as today.

China has pledged to retaliate to any new tariffs imposed by the U.S., with reports suggesting the communist country could go beyond raising tariffs on U.S. imports and restrict exports of goods critical to U.S. manufacturing.

Pointing to a slower pace of growth, the Federal Reserve Bank of New York released a report on Monday showing a much bigger than expected decrease by its index of regional manufacturing activity in the month of September.

The New York Fed said its general business conditions index fell to 19.0 in September from 25.6 in August, although a positive reading continues to indicate growth in regional manufacturing activity. The index had been expected to dip to 23.0.

The dollar has dropped to around $1.1685 against the Euro Monday afternoon, from an early high of $1.1615.

Eurozone inflation slowed as estimated in August, final data from Eurostat revealed Monday. Harmonized inflation came in at 2 percent in August versus 2.1 percent in July, which was the highest since December 2012. The rate came in line with the estimate published on August 31.

The buck has fallen to a month and a half low of $1.3160 against the pound sterling Monday afternoon, from an early high of $1.3064.

UK house prices recovered in September, property website Rightmove reportedly said Monday. House prices gained 0.7 percent month-on-month in September after a 2.3 percent decrease.

UK households' perceptions of financial wellbeing remained close to survey-high in September, data from IHS Markit showed Monday. The household finance index held steady at 45.9 in September, which was the second highest score since the survey began in February 2009.

The greenback reached a high of Y112.121 against the Japanese Yen Monday, but has since eased back to around Y111.950.

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