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Forex News: Dollar Mixed After Trade War Worries Resurface

Dollar Mixed After Trade War Worries Resurface

05/30/2018 - 14:04:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon. The buck is losing ground against its major European rivals, but is rising against the Japanese Yen.

Concerns over U.S.-China trade war have resurfaced, after the White House announced Tuesday that it will impose a 25 percent tariff on $50 billion of Chinese goods containing "industrially significant technology."

"The United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology, the White House said in a statement.

The announcement came just few days ahead of a visit by Commerce Secretary Ross to Beijing for further trade negotiations.

Payroll processor ADP released a report on Wednesday showing private sector employment increased by slightly less than expected in the month of May. ADP said private sector employment climbed by 178,000 jobs in May after rising by a downwardly revised 163,000 jobs in April.

Economists had expected employment to increase by 190,000 jobs compared to the jump of 204,000 jobs originally reported for the previous month.

The dollar has dropped to around $1.1650 against the Euro Wednesday afternoon, from an early high of $1.1518.

Eurozone economic sentiment weakened to a 9-month low in May, survey results from European Commission revealed Wednesday. The economic confidence index dropped to 112.5 in May from 112.7 in April. This was the lowest reading since August 2017 but above the expected score of 112.0.

Germany's retail sales expanded for the first time in five months in April, figures from Destatis showed Wednesday.

In real terms, retail sales grew 2.3 percent in April from March, when trade decreased by revised 0.4 percent. This was the biggest growth since October 2016. Economists had forecast a moderate increase of 0.5 percent.

Germany's consumer prices climbed at the fastest pace in more than a year in May largely on higher liquid fuel costs, flash data from Destatis showed Wednesday.

Consumer prices climbed 2.2 percent year-on-year in May, faster than the 1.6 percent increase in April and the expected growth of 1.9 percent. The last time the inflation rate reached this level was in February 2017.

Germany's unemployment rate decreased in April, figures from Destatis revealed Wednesday. The jobless rate dropped to adjusted 3.4 percent in April from 3.5 percent in March. In the same period of last year, the unemployment rate was 3.8 percent.

Germany's unemployment rate declined to a record low in May, data from the Federal Labor Agency showed Wednesday. The unemployment rate fell to 5.2 percent in May, the lowest since German reunification in 1990. The rate was expected to remain unchanged at 5.3 percent.

France's economy expanded at a slower than initially estimated pace in the first quarter, second estimate from the statistical office Insee showed Wednesday. Gross domestic product grew 0.2 percent sequentially in the first quarter, slower than the 0.7 percent expansion registered a quarter. The sequential growth rate was revised down from 0.3 percent.

The buck has slipped to around $1.3285 against the pound sterling this afternoon, from an early high of $1.3241.

UK shop prices continued to fall in May, the British Retail Consortium reportedly said Wednesday. The BRC-Nielsen shop price index declined 1.1 percent year-on-year in May, the biggest fall since January 2017.

The greenback has rebounded to around Y108.925 against the Japanese Yen this afternoon, from a low of Y108.361 this morning.

Japan's retail sales increased at a faster-than-expected pace in April, preliminary figures from the ministry of Economy, Trade and Industry showed Wednesday. Retail sales climbed 1.6 percent year-over-year in April, faster than the 1.0 percent rise in March. Meanwhile, sales were expected to increase the same by 1.0 percent.

Japan's consumer confidence improved marginally in May, survey data from Cabinet Office showed Wednesday. The seasonally adjusted consumer confidence index rose to 43.8 in May from 43.6 in April. The index was forecast to rise to 43.9.

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