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Forex News: Dollar Mixed After Holiday Weekend

Dollar Mixed After Holiday Weekend

05/29/2018 - 14:07:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon. Traders have returned to their desks following the long holiday weekend and are largely focused on the political turmoil in Europe.

Italy's president has appointed a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget after weeks of uncertainty.

Markets fear a snap election will turn into referendum on Italy's euro membership.

Adding to heightened geopolitical uncertainty, Spanish Prime Minister Mariano Rajoy will face a vote of confidence on Friday.

A report from the Conference Board this morning showed that U.S. consumer confidence for May came in slightly weaker than expected. The report showed that consumer confidence increased to a reading of 128.0, up from the reading of 125.6 in April. Economists had expected a reading of 128.6.

The dollar has climbed to over a 10-month high of $1.1530 against the Euro Tuesday afternoon, from an early low of $1.1639.

France's consumer sentiment remained unchanged again in May, survey results from the statistical office Insee said Tuesday. The consumer sentiment index held steady at 100 in May. Since February, the synthetic index has been at 100, its long term average.

Italy's consumer confidence weakened for the second straight month in May to the lowest level in nine months, survey data from the statistical office Istat showed Tuesday.

The consumer confidence index dropped to 113.7 in May from 116.9 in April. Moreover, this was the lowest score since August last year, when it marked 111.3.

The buck has risen to a 6-month high of $1.3235 against the pound sterling Tuesday afternoon, from an early low of $1.3325.

The greenback has dropped to over a 1-month low of Y108.565 against the Japanese Yen this afternoon, from an early high of Y109.400.

The unemployment rate in Japan came in at a seasonally adjusted 2.5 percent in April, the Ministry of Communications and Internal Affairs said on Tuesday. That was in line with expectations and unchanged from the March reading.

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