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Forex News: Dollar Rising On Better Than Expected Manufacturing Data

Dollar Rising On Better Than Expected Manufacturing Data

07/02/2018 - 14:39:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against its major rivals Monday afternoon. While traders remain concerned over a global trade, they were please with the release of the better than expected U.S. manufacturing report this morning.

Growth in activity in the U.S. manufacturing sector unexpectedly accelerated in the month of June, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index climbed to 60.2 in June after rising to 58.7 in May, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to edge down to 58.4.

With an increase in spending on residential construction partly offset by a drop in spending on non-residential construction, the Commerce Department released a report on Monday showing U.S. construction spending climbed by slightly less than expected in the month of May.

The Commerce Department said construction spending rose by 0.4 percent to an annual rate of $1.310 trillion in May after advancing by 0.9 percent to a revised $1.305 trillion in April. Economists had expected construction spending to increase by 0.5 percent compared to the 1.8 percent jump originally reported for the previous month.

The dollar has climbed to around $1.1610 against the Euro Monday afternoon, from an early low of $1.1688.

The euro area unemployment rate held steady at the lowest level since late 2008, figures from Eurostat showed Monday. The unemployment rate remained unchanged at 8.4 percent in May, the lowest since December 2008. The expected rate was 8.5 percent.

Eurozone factory activity grew at the weakest pace in more than a year in June, final data from IHS Markit showed Monday. The factory Purchasing Managers' Index fell to an 18-month low of 54.9 in June from 55.5 in May. This was slightly below the flash estimate of 55.0.

The buck has risen to around $1.3125 against the pound sterling Monday afternoon, from an early low of $1.3208.

The UK manufacturing sector growth remained subdued in June, survey results from IHS Markit showed Monday.

The IHS Markit/ Chartered Institute of Procurement & Supply factory Purchasing Managers' Index rose slightly to 54.4 in June from revised 54.3 in May. The score was almost four points below the 51-month high reached in November 2017. The expected reading was 54.2.

The greenback slid to an early low of Y110.469 against the Japanese Yen Monday, but has since rebounded to around Y110.885.

The manufacturing sector in Japan continued to expand in June, and at an accelerated rate, the latest survey from Nikkei revealed on Monday with a manufacturing PMI score of 53.0. That's up from 52.8 in May, and it moves further above the boom-or-bust line of 50 that separates expansion of contraction.

An index monitoring business sentiment in Japan ebbed in the second quarter of 2018, the Bank of Japan said on Monday in its quarterly Tankan business survey.

The large manufacturers' index came in with a score of +21, missing expectations for +22 and down from +24 in the previous quarter.

The outlook came in at +21, topping expectations for +20 - which would have been unchanged from the three months prior.

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