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Forex News: Dollar Paring Early Gains As Weekend Approaches

Dollar Paring Early Gains As Weekend Approaches

04/20/2018 - 14:50:00 (RTTNews)

(RTTNews) - The dollar climbed against its major rivals early Friday, but has begun to pare its gains in the afternoon. Overall, trading activity has been rather subdued at the end of the trading week, due to the lack of U.S. economic data.

The dollar climbed to a 2-week high of $1.2249 against the Euro Friday, but has since eased back to around $1.2285.

Germany's producer price inflation accelerated for the first time in six months in March, though marginally, figures from Destatis showed Friday. Producer price inflation rose to 1.9 percent in March from February's 14-month low of 1.8 percent. The rate was forecast to increase to 2.0 percent.

Bank of England Governor Mark Carney diminished hopes for a U.K. rate hike in May, saying that Brexit uncertainty acts as a dampener to a pickup in business investment.

"Prepare for a few interest rate rises over the next few years," Carney told BBC.

The biggest set of economic decisions over the course of the next few years would depend on the Brexit negotiations and upon the deal that the U.K. reach with the EU.

"And then we will adjust to the impact of those decisions in order to keep the economy on a stable path," he added.

Speaking on the sidelines of the International Monetary Fund meetings in Washington, Carney, meanwhile, acknowledged that an interest rate hike is "likely" this year.

Carney acknowledged that the recent data has been soft, and the Monetary Policy Committee "will sit down calmly and look at it all in the round" at the meeting next month.

The buck rose to nearly a 2-week high of $1.4006 against the pound sterling Friday, but has since retreated to around $1.4025.

The greenback reached a high of Y107.855 against the Japanese Yen Friday, but has since pulled back to around Y107.575.

Overall consumer prices in Japan were up 1.1 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday. That was in line with expectations and down from 1.5 percent in February.

Japan's tertiary industry activity showed no variations in February, in line with expectations, data from the Ministry of Economy, Trade and Industry showed Friday. On a monthly basis, the tertiary industry activity index remained flat in February after a 0.4 percent decrease in January.

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