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Forex News: Dollar Slightly Lower In Cautious Trade

Dollar Slightly Lower In Cautious Trade

06/07/2018 - 14:50:00 (RTTNews)

(RTTNews) - The dollar is down against all of its major rivals Thursday afternoon, but has recovered some lost ground against its major European rivals. There was little U.S. economic data to drive the direction of trading. Weekly jobless claims came in better than expected this morning.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended June 2nd, according to a report released by the Labor Department on Thursday. The Labor Department said initial jobless claims edged down to 222,000, a decrease of 1,000 from the previous week's revised level of 223,000.

Economists had expected jobless claims to rise to 225,000 from the 221,000 originally reported for the previous week.

The dollar dropped to a low of $1.1839 against the Euro Thursday, but has since rebounded to around $1.1815.

The euro area economy expanded as initially estimated in the first quarter, the latest estimate from Eurostat showed Thursday. Gross domestic product grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen a quarter ago. The rate came in line with the estimate released on May 15.

Germany's factory orders declined unexpectedly in April on weak domestic demand, figures from Destatis revealed Thursday.

Factory orders slid 2.5 percent month-on-month in April, bigger than the revised 1.1 percent decrease seen in March and confounded expectations for an increase of 0.8 percent. This was the fourth consecutive decline in orders.

France's trade deficit remained stable in April, as the increase in exports was offset by that of imports, figures from the Customs Office showed Thursday. The trade deficit came at EUR 5.0 billion in April, unchanged from March. The expected shortfall was EUR 5.1 billion.

The buck fell to an early low of $1.3472 against the pound sterling Thursday, but has since bounced back to around $1.3425.

UK house prices rebounded at a faster than expected pace in May, data from the Lloyds bank subsidiary Halifax and IHS Markit showed Thursday. House prices grew 1.5 percent month-on-month, reversing a 3.1 percent fall in April. Prices were forecast to rise 1 percent in May.

The greenback has retreated to around Y109.700 against the Japanese Yen Thursday afternoon, from an early high of Y110.220.

Japan's leading index increased as expected in April, preliminary figures from the Cabinet Office showed Thursday. The leading index, which measures the future economic activity, climbed to 105.6 in April from 104.5 in March.

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