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Forex News: Dollar Nearly Flat On Light Data Day

Dollar Nearly Flat On Light Data Day

08/07/2017 - 14:29:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. The lack of U.S. economic data at the start of the new trading week has left many investors hanging on the sidelines. The rest of the week is also shaping up to be rather light on the economic front.

Productivity and costs are due to be released Wednesday morning, along with wholesale trade. Weekly jobless claims and the producer price index are slated for Thursday and the consumer price index is set for Friday.

The dollar reached a high of around $1.1725 against the Euro at the end of the prior trading week, but has slipped to around $1.1790 Monday afternoon.

Eurozone investor confidence declined for the second straight month in August to the lowest level in three months, survey results from think tank Sentix showed Monday. The investor confidence index dropped to a 3-month low of 27.7 in August from 28.3 in July. The score was expected to fall to 27.6.

German industrial production decreased unexpectedly in June, which was the first fall this year, as all sectors except energy experienced contraction. Industrial output fell 1.1 percent month-on-month in June, in contrast to a 1.2 percent rise seen in May, data from Destatis revealed Monday.

Production declined for the first time in six months, while economists had forecast a modest 0.1 percent gain.

The buck has risen to around $1.3025 against the pound sterling this afternoon, from an early low of $1.3059.

UK house price inflation slowed to a more than four-year low in July, data from the mortgage lender Halifax and IHS Markit showed Monday.

House prices increased 2.1 percent year-on-year in three months to July, following the 2.6 percent rise seen in three months to June. This was the weakest growth since April 2013. Prices were forecast to gain 2 percent.

UK consumer spending decreased for a third straight month in July, marking the longest period of decline since early 2013, results of a survey by the global payments technology provider Visa showed Monday.

The UK Consumer Spending Index fell 0.8 percent year-on-year in July following 0.2 percent decline in June, Visa said.

Spending has now declined in each of the past three months, to mark the longest period of deterioration since the five-month sequence ending in February 2013, the report said.

The greenback rose to an early high of Y110.917 against the Japanese Yen Monday, but has since eased back to around Y110.750.

Japan's leading index reached its highest level in more than three years in June, preliminary data from the Cabinet Office showed Monday.

The leading index, which measures the future economic activity, rose to 106.3 in June from 104.7 in May. This was the highest score since March 2014, when the reading was 106.7 and slightly above the expected level of 106.2.

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