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Forex News: Dollar Mixed As Data Drought Persists

Dollar Mixed As Data Drought Persists

08/07/2018 - 14:50:00 (RTTNews)

(RTTNews) - The dollar got off to a weak start Tuesday, but has since pared its early losses. After the reversal, the buck is now turning in a mixed performance. The continued lack of U.S. economic data is keeping some investors on the sidelines. Things will remain quiet on the economic front until Thursday, when weekly jobless claims, wholesale trade and the producer price index are set for release.

The dollar dropped to a low of $1.1608 against the Euro Tuesday, but has since bounced back to around $1.1590.

Germany's exports remained flat amid trade wars and industrial production declined more-than-expected in June, official data showed Tuesday.

Exports registered nil growth in June from May after rising 1.7 percent, Destatis reported. Economists had forecast a 0.4 percent drop.

On the other hand, monthly growth in imports accelerated to 1.2 percent from 0.7 percent in May. This was much faster than the expected 0.2 percent rise.

As a result, the trade surplus fell to a seasonally adjusted EUR 19.3 billion from EUR 20.4 billion in May.

France's foreign trade gap widened in June, as imports grew faster than exports, figures from the Customs Office showed Tuesday. The trade deficit rose to EUR 6.25 billion in June from EUR 6.02 billion in the previous month.

The buck slipped to an early low of $1.2973 Tuesday, but has since rebounded to around $1.2930.

UK house prices increased at a faster pace in July to hit a record high level, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Tuesday. House prices grew 1.4 percent month-on-month in July, faster than the 0.9 percent rise in June. Economists had forecast a marginal 0.2 percent rise for July.

The greenback fell to a low of Y110.992 against the Japanese Yen Tuesday morning, but has since risen to around Y111.435.

The average of household spending in Japan was down 1.2 percent on year in June, the ministry of Internal Affairs and Communications said on Tuesday, coming in at 267,641 yen. That exceeded expectations for a decline of 1.4 percent following the 3.9 percent drop in May.

Japan's leading index weakened more than expected in June, preliminary figures from the Cabinet Office showed Tuesday. The leading index, which measures the future economic activity, dropped to 105.2 in June from 106.9 in May. The index was forecast to fall to 105.3.

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