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Forex News: Dollar Paring Early Gains In Light Action

Dollar Paring Early Gains In Light Action

05/07/2018 - 14:45:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start to the trading week, but has pared its early gains as the session has worn on. A lack of catalysts and U.S. economic data is keeping some investors on the sidelines Monday.

The dollar climbed to a 4-month high of $1.1896 against the Euro Monday, but has since retreated to around $1.1925.

Eurozone investor confidence weakened for the fourth straight month in May, survey data from think tank Sentix showed Monday. The investor sentiment index fell unexpectedly to 19.2 in May from 19.6 in April. The score was forecast to rise to 22.4.

Germany's factory orders declined unexpectedly in March on weak foreign demand, figures from Destatis revealed Monday. Factory orders dropped 0.9 percent month-on-month in March, bigger than the revised 0.2 percent decrease in February. Orders were expected to climb 0.5 percent after falling for three straight months.

Germany's construction activity returned to growth in April after severe weather had caused disruption to building work at the end of the first quarter, survey data from IHS Markit showed Monday. The construction Purchasing Managers' Index rose to 50.9 in April from 47.0 in March.

The buck rose to an early high of $1.3514 against the pound sterling Monday, but has since eased back to around $1.3565.

Members of the Bank of Japan said that the Japanese economy is likely to remain on an upward trend, minutes from the bank's March 8-9 meeting revealed on Monday.

"Domestic demand is likely to follow an uptrend, with a virtuous cycle from income to spending being maintained in both the corporate and household sectors, on the back of highly accommodative financial conditions and underpinnings through the government's past stimulus measures," the minutes said.

The greenback reached a high of Y109.396 against the Japanese Yen Monday, but has since pulled back to around Y109.075.

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