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Forex News: Dollar Rebounding After Release Of Fed Minutes

Dollar Rebounding After Release Of Fed Minutes

07/05/2017 - 14:48:00 (RTTNews)

(RTTNews) - The dollar was down against all of its major rivals Wednesday, but has begun to pare its losses following the release of the minutes of the most recent meeting of the Federal Reserve.

The Federal Reserve plans to reduce their bloated balance sheet, but failed to provide a specific timeline to begin the process, the minutes of the June Federal Open Market Committee showed Wednesday.

"Several" policy makers were in favor of starting the reduction of its $4.5 trillion balance sheet within a "couple of months."

The market consensus is toward a start in September, which would likely push another interest rate hike to the end of the year despite the Fed's optimism that stubbornly weak inflation will pick up.

"The information reviewed for the June 13-14 meeting showed that labor market conditions continued to strengthen in recent months and suggested that real gross domestic product (GDP) was expanding at a faster pace in the second quarter than in the first quarter," the minutes read.

Regarding interest rates, the Fed said "economic conditions would evolve in a manner that would warrant gradual increases in the federal funds rate."

New orders for U.S. manufactured goods fell by more than expected in the month of May, according to a report released by the Commerce Department on Wednesday. The Commerce Department said factory orders slumped by 0.8 percent to $464.9 billion in May after falling by a revised 0.3 percent in April.

Economists had expected factory orders to drop by 0.5 percent compared to the 0.2 percent decrease originally reported for the previous month.

The dollar fell to a low of $1.1368 against the Euro Wednesday, but has since rebounded to around $1.1325.

The euro area private sector expanded more than initially estimated in June, final data from IHS Markit showed Wednesday. The composite output index fell to a four-month low of 56.3 in June from 56.8 in May, but above the flash estimate of 55.7.

Eurozone retail sales grew more than expected in May, figures from Eurostat showed Wednesday. Retail sales climbed 0.4 percent on a monthly basis in May, faster than the 0.1 percent rise in April and the 0.3 percent increase economists had expected.

The buck slipped to a low of $1.2947 against the pound sterling Wednesday, but has since bounced back to around $1.2915.

The UK service sector expanded at a slower pace in June on the weakest upturn in new work since last September, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Wednesday. The services Purchasing Managers' Index dropped to 53.4 in June from 53.8 in May.

UK labor productivity declined for the first time in five quarters at the start of 2017, the Office for National Statistics said Wednesday. Labor productivity, as measured by output per hour, fell 0.5 percent sequentially in the first quarter, reversing a 0.4 percent rise in the previous three months.

Shop prices in the United Kingdom were down 0.3 percent on year in June, the British Retail Consortium said on Wednesday. That followed the 0.4 percent decline in May.

The greenback fell to a low of Y112.814 against the Japanese Yen Wednesday, but has since risen back to around Y113.430.

The services sector in Japan continued to expand in June, and at a faster rate, the latest survey from Nikkei revealed on Wednesday with a PMI score of 53.3. That's up from 53.0 in May, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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