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Forex News: Dollar Rising Despite Weak Consumer Confidence Data

Dollar Rising Despite Weak Consumer Confidence Data

06/26/2018 - 14:42:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Tuesday afternoon, despite the release of the weaker than expected consumer confidence report for June this morning.

Reflecting a deterioration in expectations, the Conference Board released a report on Tuesday showing an unexpected decline in U.S. consumer confidence in the month of June.

The Conference Board said its consumer confidence index fell to 126.4 in June from a revised 128.8 in May. Economists had expected the index to inched up to 128.1 from the 128.0 originally reported for the previous month.

The dollar slid to an early low of $1.1720 against the Euro Tuesday, but has since climbed to around $1.1650.

The buck dipped to an early low of $1.3292 against the pound sterling Tuesday, but has since risen to around $1.3210.

UK mortgage approvals increased to a four-month high in May, data from UK Finance showed Tuesday. The number of mortgage approvals increased to 39,244 in May from 38,327 in April. This was the highest since January and above the expected level of 38,250.

The greenback has advanced to Y110.125 against the Japanese Yen this afternoon, from an early low of Y109.369.

Producer prices in Japan were up 1.0 percent on year in May, the Bank of Japan said on Tuesday. That was in line with expectations and unchanged from the April reading following an upward revision from 0.9 percent.

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