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Forex News: Dollar Rising Against Euro On Weak German Data

Dollar Rising Against Euro On Weak German Data

08/22/2017 - 14:22:00 (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 also appear hesitant to make any major moves ahead of the upcoming Jackson Hole central banking conference on Thursday. Investors are awaiting speeches from both Fed chair Janet Yellen and Mario Draghi.

Things will begin to pick up on the U.S. economic front Wednesday morning, with the release of the new home sales report. Weekly jobless claims and existing home sales will follow on Thursday, while durable goods orders are slated for Friday.

The dollar has climbed to around $1.1750 against the Euro this afternoon, from an early low of $1.1824.

Germany's economic confidence weakened for the third straight month to hit a 10-month low in August, reflecting weak exports and scandals in the auto sector.

The ZEW Indicator of Economic Sentiment declined to 10.0 in August from 17.5 in July, survey data from the Mannheim-based Centre for European Economic Research/ZEW showed Tuesday.

This was the lowest score since October 2016, when the reading was 6.2. The indicator has remained significantly below the long-term average of 23.8 points and the expected level of 15.0.

The buck has broken out to over a 1-month high of $1.2825 against the pound sterling this afternoon, from an early low of $1.2908.

The UK public sector net borrowing in July turned to surplus for the first time in 15 years on higher receipts of income tax, the Office for National Statistics said Tuesday.

Public sector net borrowing excluding public sector banks was in GBP 0.2 billion surplus, which was the first July surplus since 2002. In July 2016, borrowing was GBP 0.3 billion. Economists had forecast borrowing to increase to GBP 1 billion in July.

The greenback slipped to a low of Y108.992 against the Japanese Yen this morning, but has since advanced to around Y109.500.

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