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Forex News: Dollar Paring Early Gains Ahead Of Fed Meeting

Dollar Paring Early Gains Ahead Of Fed Meeting

01/29/2018 - 14:50:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start to the new trading week, but has begun to pare its early gains in the afternoon. Economic data was on the light side this morning, but traders will have a lot to look forward to later this week.

The Federal Reserve will kick off its 2-day policy meeting on Tuesday. It will be the final policy meeting with Janet Yellen as Fed Chair. The central bank will reveal its policy decision Wednesday afternoon.

Traders can also look forward to the release of the US jobs report for January at the end of the week.

Personal income in the U.S. rose by slightly more than expected in the month of December, according to a report released by the Commerce Department on Monday, while personal spending increased in line with estimates.

The Commerce Department said personal income climbed by 0.4 percent in December after rising by 0.3 percent in November. Economists had expected another 0.3 percent increase.

The report also said personal spending climbed by 0.4 percent in December following a 0.8 percent increase in November. The spending growth matched expectations. The dollar rose to a high of $1.2342 against the Euro Monday, but has since eased back to around $1.2390.

German import price inflation in December was the lowest in over a year, though prices rose during the whole year 2017, erasing the decline seen in the previous year, preliminary data from the statistical office Destatis showed Monday.

The import price index climbed 1.1 percent year-on-year, which was sharply slower than the 2.7 percent increase in November. The latest gain was the smallest since November 2016, when import prices rose just 0.3 percent.

Export prices rose 1 percent year-on-year after a 1.2 percent increase in November.

The buck climbed to a high of $1.4024 against the pound sterling Monday, but has since retreated to around $1.4075.

The greenback reached a high of Y109.201 against the Japanese Yen Monday, but has since pulled back to around Y108.925.

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