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Forex News: Dollar Rising Ahead Of Fed Announcement

Dollar Rising Ahead Of Fed Announcement

03/20/2018 - 14:38:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Tuesday afternoon. The continued lack of U.S. economic data is keeping some investors on the sidelines. Traders are also in a cautious mood ahead of tomorrow's announcement from the Federal Reserve.

The Fed is widely expected to hike interest rates by 25 basis points when it concludes its 2-day policy meeting Wednesday afternoon. Traders are likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes.

New Fed Chairman Jerome Powell's first press conference as head of the central bank is also likely to attract considerable attention.

The dollar dipped to an early low of $1.2354 against the Euro Tuesday, but has since climbed to around $1.2265.

Germany's economic confidence deteriorated sharply to a one-and-a-half-year low in March on fears of US led trade conflicts, survey data from the Mannheim-based think tank ZEW showed Tuesday. The ZEW Indicator of Economic Sentiment dropped more-than-expected to 5.1 in March from 17.8 in February. This was the lowest score since September 2016 and well below the expected level of 13.0.

Germany's producer price inflation eased to a 14-month low in February, figures from Destatis showed Tuesday. Producer prices climbed 1.8 percent year-on-year in February, slower than the 2.1 percent increase seen in January. This was the lowest rate since December 2016 and weaker than the expected 2 percent.

The buck slid to a low of $1.4066 against the pound sterling Tuesday morning, but has since risen to around $1.4010.

UK inflation eased more-than-expected to a 7-month low in February, as the effects from the deterioration in pound after the Brexit vote fades. Consumer price inflation slowed more-than-expected to 2.7 percent from 3 percent in January, figures from the Office for National Statistics revealed Tuesday.

This was the weakest figure since last July, when prices rose 2.6 percent. Economists had forecast an annual rate of 2.8 percent.

British house price inflation eased marginally in January after remaining stable in the previous month, figures from the Office for National Statistics showed Tuesday. The house price index climbed 4.9 percent year-over-year in January, just below the 5.0 rise in December, which was revised down from a 5.2 percent increase reported earlier.

The greenback rose to a 1-week high of Y106.608 against the Japanese Yen Tuesday, but has since retreated to around Y106.385.

Japan's leading index declined less than initially estimated in January, latest figures from the Cabinet Office showed Tuesday. The leading index, which measures the future economic activity, dropped to a 6-month low of 105.6 in January from 106.8 in December. The reading was above the flash estimate of 104.8.

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