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Forex News: Dollar Mixed In Light Holiday Trade

Dollar Mixed In Light Holiday Trade

10/09/2017 - 15:07:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. The Columbus Day holiday is keeping a number of investors away from their desks at the start of the trading week. The holiday is also responsible for the lack of U.S. economic news.

The lack of economic data will continue throughout the early portion of the week. However, traders can look forward to weekly jobless claims and the producer price index on Thursday. The consumer price index, retail sales and consumer sentiment are also slated for Friday.

Investors will also be looking forward to the release of the minutes from the most recent meeting of the Federal Reserve Wednesday afternoon.

The dollar rose to an early high of $1.1719 against the Euro Monday, but has since retreated to around $1.1750.

Eurozone investor confidence strengthened to a 10-year high in October, survey results from think tank Sentix showed Monday. The investor confidence index rose unexpectedly to 29.7 in October from 28.2 in September. The score was forecast to fall to 28.0.

Germany's industrial production expanded the most since July 2011, signaling a strong growth in the third quarter, data from Destatis revealed Monday. Industrial output grew 2.6 percent month-on-month in August, reversing a revised 0.1 percent fall in July.

Production grew the most since July 2011, when it climbed 2.9 percent. Output was forecast to gain moderately by 0.8 percent.

The buck fell to an early low of $1.3183 against the pound sterling Monday, but has since bounced back to around $1.3150.

UK consumer spending declined in September, after a modest gain in the previous month, suggesting continued weakness in the economy amid high inflation, muted wage growth and political uncertainty, results of a survey by payment services provider Visa showed Monday.

Consumer spending dropped 0.3 percent year-on-year following a 0.2 percent gain in August, Visa said, citing the survey based on credit, debit and prepaid card data. Spending has now dropped in four of the past five months.

The greenback has climbed to around Y112.665 against the Japanese Yen Monday afternoon, from an early low of Y112.521.

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