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Forex News: Dollar Rising Despite Lack Of Data

Dollar Rising Despite Lack Of Data

08/06/2018 - 15:16:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against its major rivals Monday morning. However, the lack of U.S. economic data is keeping some traders on the sidelines at the start of the new week. Escalating trade tensions between the U.S. and China remain in focus, as well as some new Brexit concerns.

The dollar rose to an early high of $1.1529 against the Euro Monday, but has since eased back to around $1.1550.

Eurozone confidence among investors improved to a 3-month high in August as they see signs of relief in the EU's trade dispute with the US, survey data published by think tank Sentix showed Monday. The investor sentiment index climbed to 14.7 in August from 12.1 in July. This was the highest score since June. The expected reading was 13.4.

Germany's factory orders decreased the most in one-and-a-half years in June as both domestic and foreign demand deteriorated on trade tensions, figures from Destatis showed Monday.

Factory orders declined 4 percent month-on-month, reversing a 2.6 percent increase in May. This was the biggest fall since January 2017, when orders fell 4.8 percent. Economists had forecast orders to drop slightly by 0.1 percent.

Germany's total construction activity growth halted in July on a renewed downturn in civil engineering amid slower growth in commercial and housing activity, survey data from IHS Markit showed Monday. The construction Purchasing Managers' Index came in at 50.0 in July, down from 53.0 in June.

U.K. International Trade Secretary Liam Fox remarked that the possibility of Britain leaving the European Union without a deal has intensified due to the "intransigence" by EU officials.

In an interview with The Sunday Times, Fox said that the chances of a no-deal Brexit are "60-40."

"I think the intransigence of the commission is pushing us towards no deal," he said.

The buck has climbed to an 11-month high of $1.2940 against the pound sterling Monday afternoon, from an early low of $1.3008.

The greenback rose to a high of Y111.526 against the Japanese Yen Monday morning, but has since retreated to around Y111.390.

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