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Forex News: Dollar Rising On Hopes For Talks With North

Dollar Rising On Hopes For Talks With North Korea

05/25/2018 - 14:42:00 (RTTNews)

(RTTNews) - The dollar is rising against all of its major rivals Friday afternoon, after recovering from some early weakness. Investors were relieved after North Korea issued a measured response to the cancellation of the summit by U.S. President Trump yesterday.

North Korea responded by saying they remain open to talks. Vice Foreign Minister Kim Kye Gwan saying Pyongyang hoped for a "Trump-style solution" to the standoff over its nuclear weapons program.

Trump subsequently said in a post on Twitter, "Very good news to receive the warm and productive statement from North Korea."

"We will soon see where it will lead, hopefully to long and enduring prosperity and peace. Only time (and talent) will tell!" he added.

With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Friday showing a bigger than expected decrease in new orders for U.S. manufactured durable goods in the month of April.

The Commerce Department said durable goods orders slumped by 1.7 percent in April after spiking by an upwardly revised 2.7 percent in March. Economists had expected orders to drop by 1.4 percent compared to the 2.6 percent jump that had been reported for the previous month.

Consumer sentiment in the U.S. unexpectedly saw a modest deterioration in the month of May, according to revised data released by the University of Michigan on Friday. The report said the consumer sentiment index for May was downwardly revised to 98.0 from the preliminary reading of 98.8.

Economists had expected the consumer sentiment index to be unrevised at 98.8, which would have been unchanged from the final April reading.

Traders are keeping a close eye on the political situation in Spain after the Socialists called for a vote of no confidence in Prime Minister Mariano Rajoy. Rajoy responded in a televised press conference, stating, "As far as it's in my power, it is evident that I want the legislature to last four years."

The dollar has climbed to over a 6-month high of $1.1665 against the Euro Friday afternoon, from an early low of $1.1733.

Germany's business confidence remained stable in May after falling for five straight months, survey data from the Munich-based Ifo Institute showed Friday. The business climate index came in at 102.2 in May, unchanged from April. This was the lowest reading since last May. The score was forecast to drop to 102 from April's originally estimated reading of 102.1.

The buck has risen to $1.3315 against the pound sterling this afternoon, from an early low of $1.3383.

The UK economy expanded at a weaker pace, as estimated, in the first quarter, second estimate from the Office for National Statistics showed Friday. Gross domestic product grew 0.1 percent sequentially in the first quarter, slower than the 0.4 percent expansion registered in the fourth quarter. The rate came in line with the estimate published on April 27.

UK mortgage approvals increased in April after falling in March, data from UK Finance showed Friday. The number of loans approved for house purchases increased to 38,049 in April from 37,606 in March.

The greenback slid to a low of Y109.110 against the Japanese Yen Friday, but has since bounced back to around Y109.390.

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