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Forex News: Dollar Paring Early Gains As Weekend Approaches

Dollar Paring Early Gains As Weekend Approaches

03/23/2018 - 14:58:00 (RTTNews)

(RTTNews) - The dollar logged some early gains against its major rivals Friday morning, but has pared its gains and turned negative as the day has progressed. Economic data proved mixed this morning, but investors remain focused on trade war concerns.

President Trump signed an executive memorandum imposing tariffs on at least $50 billion worth of Chinese imports. Meanwhile, Beijing has outlined plans to introduce tariffs on U.S. imports.

New orders for U.S. manufactured durable goods surged up by much more than anticipated in the month of February, according to a report released by the Commerce Department on Friday. The report said durable goods orders jumped by 3.1 percent in February after slumping by 3.5 percent in January. Economists had expected durable goods orders to increase by 1.5 percent.

A report released by the Commerce Department on Friday showed a modest decrease in new home sales in the month of February. The report said new home sales fell by 0.6 percent to an annual rate of 618,000 in February from an upwardly revised 622,000 in January.

Economists had expected new home sales to rise to a rate of 623,000 from the 593,000 originally reported for the previous month.

The dollar reached an early high of $1.2317 against the Euro Friday, but has since dropped to around $1.2370.

The buck rose to a high of $1.4084 against the pound sterling Friday morning, but has since retreated to around $1.4150.

The greenback climbed to a high of Y105.283 against the Japanese Yen Friday, but has since eased back to around Y104.860.

Consumer prices in Japan were up 1.5 percent on year in February, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and up from 1.4 percent in January.

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