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Forex News: Dollar Recovering From Early Weakness

Dollar Recovering From Early Weakness

09/24/2018 - 14:45:00 (RTTNews)

(RTTNews) - The dollar got off to a weak start against its major rivals Monday, but has since staged a recovery. The buck is currently turning in a mixed performance, up slightly against the Japanese Yen and down against its major European rivals.

With little happening on the U.S. economic front, investors are looking forward to the policy decision from the Federal Reserve Wednesday afternoon. The Fed is widely expected to hike interest rates by a quarter point at the meeting.

Meanwhile, European Central Bank President Mario Draghi said on Monday that the underlying inflation in the euro area is set to rise in coming months, and that there are signs of labor shortages in some countries in the single-currency union.

The dollar dropped to a low of $1.1815 against the Euro Monday, but has since rebounded to around $1.1760.

Germany's business confidence weakened in September as companies scaled back their expectations amid deteriorating current situation, survey data from the Mannheim-based Ifo institute showed Monday. The business sentiment index fell less-than-expected to 103.7 in September from 103.9 in August. Economists had forecast the score to drop to 103.2 from the originally estimated 103.8 in August.

The buck fell to a low of $1.3166 against the pound sterling Monday, but has since bounced back to around $1.3125.

UK manufacturing orders deteriorated in September as export order books faded a little, the Industrial Trends Survey from the Confederation of British Industry showed Monday. The total order book balance fell to -1 percent in three months to September, in contrast to the forecast of +4 percent. The export order book balance stood at +5 percent.

The greenback has risen to around Y112.725 against the Japanese Yen this afternoon, from a low of Y112.176.

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