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Forex News: Dollar Mixed After Economic Reports Released

Dollar Mixed After Economic Reports Released

04/02/2018 - 14:44:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance Monday afternoon. The buck is up slightly against the Euro, but is down slightly against the British pound and the Japanese Yen. Trading activity remains subdued due to the Easter holiday in Europe.

The dollar began to recover from early losses against its major European rivals following the release of a pair of U.S. economic reports this morning. However, the buck also pared its early gains against the Japanese Yen after the release of the data.

Activity in the U.S. manufacturing sector grew at a slower than expected rate in the month of March, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index fell to 59.3 in March from 60.8 in February, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to edge down to 60.0.

A report released by the Commerce Department on Monday showed a much smaller than expected increase in U.S. construction spending in the month of February.

The Commerce Department said construction spending inched up by 0.1 percent to an annual rate of $1.273 trillion in February after coming in nearly unchanged at $1.272 trillion in January. Economists had expected spending to climb by 0.6 percent.

The dollar fell to a low of $1.2343 against the Euro Monday, but has since rebounded to around $1.23.

The buck slid to a low of $1.4077 against the pound sterling Monday, but has since bounced back to around $1.4045.

The greenback reached a high of Y106.449 against the Japanese Yen Monday, but has since retreated to around Y105.775.

Japan's manufacturing activity expanded at a solid pace, albeit weaker in March, survey data from IHS Markit showed Monday. The headline Nikkei manufacturing Purchasing Managers' Index, a composite single-figure indicator of manufacturing performance, fell to 53.1 in March from 54.1 in February.

Japan's business confidence deteriorated in the first quarter on stronger yen and fears of trade war, a closely watched survey showed Monday.

The business confidence index among large manufacturers dropped to 24 in March from 26 in December, the quarterly Tankan survey released by the Bank of Japan revealed. This was the first fall in two years. The score was seen at 25.

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