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Forex News: Dollar Pulling Back As Investors Turn More Risk

Dollar Pulling Back As Investors Turn More Risk Averse

05/30/2017 - 15:23:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Tuesday afternoon, as investors return from the long holiday weekend. Traders have become more risk averse as tensions continue to mount between the West and North Korea. The political uncertainty in Italy and Greece has also had a negative impact on sentiment.

Personal income and spending both increased in line with economist estimates in the month of April, according to a report released by the Commerce Department on Tuesday.

The report said personal income climbed by 0.4 percent in April after rising by 0.2 percent in March. The increase matched economist estimates.

Additionally, the Commerce Department said personal spending rose by 0.4 percent in April after climbing by 0.3 percent in March. The spending growth also matched expectations.

U.S. consumer confidence unexpectedly fell in May, the second consecutive monthly decline, according to a report from the Conference Board. The Conference Board's Consumer Confidence Index slipped to 117.9, down from 119.4 in April. Economists expected a reading in the neighborhood of 119.5.

Greece has warned that its recovery would be thrown into doubt if Brussels blocked a debt deal at the next meeting of euro area finance ministers. Media reports suggest that Athens may opt out of its next bailout payment if creditors cannot agree on debt relief.

Speculation over a possible early election in Italy intensified after rivals Matteo Renzi and Beppe Grillo edged closer to a deal on rewriting Italy's electoral law.

The dollar has dropped to around $1.1185 against the Euro Tuesday afternoon, from an early high of $1.1109.

Eurozone economic confidence declined unexpectedly in May from a near decade high on weak services and retail sentiment, yet remained strong enough to signal a pick up in the growth momentum. The economic confidence index declined to 109.2 in May from a revised 109.7 in the previous month, survey results from the European Commission showed Tuesday.

The score was forecast to improve to 110 from April's initial reading of 109.6, which was the highest since August 2007.

Germany's consumer price inflation eased more-than-expected in May to its lowest level in six months, preliminary data from Destatis showed Tuesday. The consumer price index rose 1.5 percent annually following 2 percent gain in April. Economists had forecast 1.6 percent inflation.

Germany's import price inflation remained stable in April, figures from Destatis showed Tuesday. Import prices advanced 6.1 percent year-on-year in April, the same pace of growth as seen in March. Economists had forecast the annual rate to accelerate to 6.3 percent.

Data showed that export prices climbed 2.6 percent year-on-year in April, faster than the 2.3 percent rise registered in March. Month-on-month, export prices gained 0.2 percent after staying flat a month ago.

French consumer confidence strengthened in May to the highest level in nearly ten years, while consumer spending rose for the first time in three months in April, figures from the statistical office Insee showed Tuesday. The consumer confidence index climbed to 102.0 in May from 100.0 in April.

The buck has slipped to around $1.2850 against the pound sterling this afternoon, from an early high of $1.2793.

The greenback reached an early high of Y111.231 against the Japanese Yen Tuesday morning, but has since retreated to around Y110.775.

Japan's unemployment rate remained unchanged at the lowest level since 1994 and retail sales advanced unexpectedly in April, official data showed Tuesday. The jobless rate held steady at 2.8 percent in April, the lowest since June 1994, the Ministry of Internal Affairs and Communications said. The rate also came in line with expectations

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