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Forex News: Dollar Rising After China Concerns Ease

Dollar Rising After China Concerns Ease

06/27/2018 - 15:01:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against its major rivals Wednesday afternoon after President Donald Trump's plan to crack down on Chinese investments in the U.S. turned out to be less harsh than initially feared.

Administration officials told reporters Trump wants to strengthen the Committee on Foreign Investment in the U.S. to prevent foreign companies from violating intellectual-property rights of American companies.

Reports earlier this week suggested Trump intended to use the International Emergency Economic Powers Act of 1977 to limit Chinese investment in the U.S.

A report released by the Commerce Department on Wednesday showed a smaller than expected decrease in new orders for U.S. manufactured durable goods in the month of May. The Commerce Department said durable goods orders fell by 0.6 percent in May after tumbling by a revised 1.0 percent in April.

Economists had expected durable goods orders to drop by 1.0 percent compared to the 1.6 percent slump that had been reported for the previous month.

Reflecting a large decline in contract activity in the South, the National Association of Realtors released a report on Wednesday showing an unexpected decrease in pending home sales in the U.S. in the month of May.

NAR said its pending home sales index fell by 0.5 percent to 105.9 in May after slumping by 1.3 percent to 106.4 in April. Economists had expected pending home sales to climb by 0.5 percent.

The dollar slid to an early low of $1.1671 against the Euro Wednesday, but has since climbed to around $1.1565.

Loans to Eurozone private sector increased at a faster pace in May, the European Central Bank said Wednesday. Adjusted loans to the private sector grew 3.3 percent year-on-year in May, following April's 3 percent increase.

France's consumer sentiment weakened in June to the lowest level in nearly a year, survey results from the statistical office Insee showed Wednesday. The consumer confidence index dropped to 97 in June from 99 in May, which was revised down from 100. Meanwhile, the index was expected to remain stable at 100.

The buck dipped to a low of $1.3233 against the pound sterling Wednesday morning, but has since risen to around $1.3140.

UK house prices increased at the slowest pace in five years in June on squeezed household budgets and Brexit uncertainty, data from the Nationwide Building Society showed Wednesday.

House prices grew 2 percent year-on-year in June, following May's 2.4 percent rise. This was the weakest growth since 2013. Nonetheless, the pace of increase was faster than the 1.7 percent economists had expected.

The greenback reached a high of Y110.490 against the Japanese Yen Wednesday, but has since pulled back to around Y110.200.

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