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Forex News: Dollar Mixed Ahead Of Fed Meeting

Dollar Mixed Ahead Of Fed Meeting

06/12/2017 - 14:57:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance Monday afternoon. The lack of U.S. economic data and the upcoming policy decision from the Federal Reserve is keeping some investors on the sidelines at the start of the new trading week.

The Fed will begin its two-day policy meeting tomorrow and will announce its decision Wednesday afternoon. The central bank is widely expected to hike interest rates by a quarter point. Traders will also be paying close attention to the accompanying statement, for any clues regarding future rate hikes.

France's economy is forecast to grow as previously estimated in the second quarter, according to a survey conducted by the Bank of France. The bank said gross domestic product will grow 0.5 percent in the second quarter, the same rate as estimated in May. The economy had expanded 0.4 percent in the first quarter.

The dollar fell to an early low of $1.1231 against the Euro Monday, but has since bounced back to around $1.12.

Italy's industrial production dropped unexpectedly in April, figures from the statistical office Istat showed Monday.

Industrial output declined 0.4 percent month-on-month in April, offsetting the 0.4 percent rise in March. This was the first fall in three months and came in contrast to the 0.2 percent rise economists had forecast.

Political uncertainty persisted as the U.K. election shock left Conservative party in disarray, making the Brexit negotiations more complex. Credit agency Moody's said that U.K.'s inconclusive election result "will complicate and probably delay Brexit negotiations," which is planned to begin next Monday.

The buck has climbed to nearly a 2-month high of $1.2650 against the pound sterling Monday afternoon, from a low of $1.2769 this morning.

British consumers trimmed their spending in May for the first time since 2013 as they turned cautious ahead of the June 8 election amid rising prices and stagnant wage growth, results of a survey by the global payments technology provider Visa showed Monday.

Household spending dropped 0.8 percent year-on-year in May, marking the first fall since September 2013, after a 0.3 percent increase in April, the survey, compiled by IHS Markit on behalf of Visa, showed.

The greenback has declined to around Y109.800 against the Japanese Yen this afternoon, from an early high of Y110.337.

Core machine orders in Japan sank a seasonally adjusted 3.1 percent on month in April, the Cabinet Office said on Monday - coming in at 835.9 billion yen. That missed expectations for a gain of 0.5 percent following the 1.4 percent increase in March.

Producer prices in Japan were flat on month in May, the Bank of Japan said on Monday. That was beneath expectations for an increase of 0.1 percent and down from 0.2 percent in April.

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