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Forex News: Dollar Paring Early Gains On Trade Concerns

Dollar Paring Early Gains On Trade Concerns

06/15/2018 - 14:27:00 (RTTNews)

(RTTNews) - The dollar posted early gains against its major rivals Friday, but has pared its gains over the course of the session. Concerns over a potential global trade war have resurfaced after President Trump announced plans to impose a 25 percent tariff on $50 billion worth of Chinese goods that contain "industrially significant technologies."

Trump attributed the new tariffs to China's theft of intellectual property and technology and its other unfair trade practices.

Trump claimed he would impose additional tariffs on Chinese goods if China retaliates by imposing new tariffs on U.S. goods or services, raising non-tariff barriers, or taking punitive actions against American exporters.

China's Commerce Ministry has accused Trump of launching a trade war and promised to impose tariffs matching the scale and intensity of the U.S. tariffs.

Growth in New York manufacturing activity unexpectedly accelerated in the month of June, according to a report released by the Federal Reserve Bank of New York on Friday. The New York Fed said its general business conditions index climbed to 25.0 in June from 20.1 in May, with a positive reading indicating growth in regional manufacturing activity.

The increase by the headline index came as a surprise to economists, who had expected the index to edge down to 19.0.

With a drop in manufacturing output more than offsetting jumps in mining and utilities output, the Federal Reserve released a report on Friday unexpectedly showing a modest decrease in U.S. industrial production in the month of May.

The Fed said industrial production edged down by 0.1 percent in May after climbing by an upwardly revised 0.9 percent in April. The dip came as a surprise to economists, had expected production to rise by 0.2 percent compared to the 0.7 percent increase originally reported for the previous month.

A report released by the University of Michigan on Friday showed a much bigger than expected improvement in U.S. consumer sentiment in the month of June. The report said the preliminary reading on the consumer sentiment index for June came in at 99.3 compared to the final May reading of 98.0. Economists had expected the index to inch up to 98.5.

The dollar rose to an early high of $1.1543 against the Euro Friday, but has since retreated to around $1.1615.

Eurozone consumer prices increased as estimated in May, final data from Eurostat revealed Friday. Inflation rose to 1.9 percent in May from revised 1.3 percent in April. A similar high rate was last seen in April 2017. The latest rate matched the initial estimate released on May 31.

The euro area trade surplus declined to a six-month low in April on higher imports, figures from Eurostat revealed Friday. The trade surplus fell to a seasonally adjusted EUR 18.1 billion in April from EUR 19.8 billion in March. This was the lowest since October, when the surplus totaled EUR 17.7 billion.

The buck reached an early high of $1.3210 against the pound sterling Friday, but has since pulled back to around $1.3285.

Bank of Japan maintained its monetary stimulus and lowered its inflation forecast, even as other major central banks resorted to tightening this week.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The greenback climbed to a high of Y110.904 against the Japanese Yen Friday, but has since eased back to around Y110.580.

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