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Forex News: Dollar Rising On Strong Economic Data

Dollar Rising On Strong Economic Data

10/02/2017 - 13:28:00 (RTTNews)

(RTTNews) - The dollar is gaining ground against all of its major rivals Monday afternoon. A pair of stronger than expected economic reports has provided a boost to investor sentiment at the start of the new trading week. Traders will also be looking forward to the release of the all important U.S. jobs report at the end of the week.

Activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of September, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index climbed to 60.8 in September from 58.8 in August, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 50.8.

A report released by the Commerce Department on Monday showed construction spending in the U.S. increased by more than expected in the month of August.

The Commerce Department said construction spending climbed 0.5 percent to $1.218 trillion in August after plunging by 1.2 percent to $1.212 trillion in July. Economists had expected spending to rise by 0.2 percent.

The dollar slid to a low of $1.1807 against the Euro Monday, but has since bounced back to around $1.1735.

The euro area unemployment rate remained stable in August at the lowest level seen since early 2009, data from Eurostat showed Monday.

The jobless rate came in at 9.1 percent in August, the same rate as seen in July. This was the lowest rate since February 2009. The rate was forecast to drop to 9 percent.

The euro area manufacturing sector grew the most in over six-and-a-half years in September, final data from IHS Markit showed Monday. The final manufacturing Purchasing Managers' Index climbed to a 79-month high of 58.1 in September from 57.4 in August. The flash score was 58.2.

The buck climbed to over a 2-week high of $1.3254 against the pound sterling Monday, but has since eased back to around $1.3275.

The UK manufacturing sector continued to expand in September, albeit at a slower pace compared to August, data from IHS Markit showed Monday.

The IHS Markit/Chartered Institute of Procurement & Supply factory Purchasing Managers' Index fell more-than-expected to 55.9 in September from a 4-month high of 56.7 in August. The expected score was 56.2.

UK private sector growth slowed in three months to September, according to growth indicator released by the Confederation of British Industry. The balance of firms reporting an increase in output fell to +11 percent from +14 percent in three months to August.

The greenback climbed to an early high of Y113.057 against the Japanese Yen Monday, but has since retreated to around Y112.750.

An index monitoring business sentiment in Japan surged in the third quarter of 2017, the Bank of Japan said on Monday in its quarterly Tankan business survey. The large manufacturers' index came in with a score of +22, beating expectations for +18 and up from +17 in the previous quarter.

The manufacturing sector in Japan continued to expand in September, and at a faster pace, the latest survey from Nikkei revealed on Monday with a manufacturing PMI score of 52.9. That's up from 52.2 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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