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Forex News: Dollar Losing Ground As Week Draws To A

Dollar Losing Ground As Week Draws To A Close

06/22/2018 - 15:15:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Friday afternoon. The lack of U.S. economic data kept some investors on the sidelines at the end of the trading week. Trade concerns continued to weigh on sentiment after President Donald Trump threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union.

Trump claimed in a post on Twitter that he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S.

"Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here!" Trump tweeted.

Finance ministers from 19 nations finalized plans to get Greece out of its eight-year bailout program Friday.

The dollar has fallen to around $1.1665 against the Euro Friday afternoon, from an early high of $1.16.

Eurozone private sector regained some momentum in June fueled by an improved service sector performance, while the pace of growth in manufacturing activity waned. The composite output index rose unexpectedly to 54.8 in June from 54.1 in May, flash data from IHS Markit showed Friday. The score was forecast to fall to 53.9.

Germany's private sector growth picked up pace in June, driven by stronger rise in services business activity, preliminary survey results from IHS Markit showed Friday. The composite output index rose to 54.2 in June from 53.4 in May

France's private sector expanded at a faster pace in June driven by an acceleration in services economy, flash survey data from IHS Markit showed Friday. The flash composite output index rose to 55.6 in June, while the reading was forecast to remain unchanged at 54.2.

The buck dropped to a low of $1.3314 against the pound sterling Friday morning, but has since rebounded to around $1.3260.

The greenback climbed to a high of Y110.215 against the Japanese Yen Friday, but has since eased back to around Y109.900.

Overall nationwide consumer prices in Japan were up 0.7 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday. That exceeded estimates for an increase of 0.6 percent, which would have been unchanged from the April reading.

Japan's manufacturing activity grew at an accelerated pace in June, flash data from IHS Markit showed Friday. The Nikkei flash manufacturing Purchasing Managers' Index, or PMI rose to 53.1 in June from 52.8 in May.

Japan's all industry activity increased at a faster-than-expected pace in April, data from the Ministry of Economy, Trade and Industry showed Friday. The all industry activity index climbed 1.0 percent month-over-month in April, after remaining flat in March. That was just above the expected rise of 0.9 percent.

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