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Forex News: Dollar Trading Mixed Ahead Of Fed Minutes

Dollar Trading Mixed Ahead Of Fed Minutes

08/21/2018 - 14:48:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Tuesday afternoon. The buck is losing ground against the Euro and the British pound, but is rising against the Japanese Yen.

Traders are looking forward to the release of the minutes of the most recent policy meeting of the Federal Reserve Wednesday afternoon. Investors are also looking forward to the release of new and existing home sales data later this week, as well as durable goods orders.

The dollar has dropped to over a 1-week low of $1.1585 against the Euro Tuesday afternoon, from an early high of $1.1485.

The buck has fallen to over a 1-week low of $1.2915 against the pound sterling this afternoon, from a high of $1.2798 this morning.

The UK budget balance posted the biggest surplus for July since 2000, giving room for Chancellor of the Exchequer Philip Hammond to plan more spending ahead of 'Brexit'.

Public sector net borrowing, excluding public sector banks, was in surplus by GBP 2.0 billion in July, the Office for National Statistics reported Tuesday.

This was the largest July surplus for 18 years and a GBP 1.0 billion greater surplus than in July 2017, also well above the expected level of GBP 1.1 billion.

UK manufacturers registered a slowdown in order growth in August, the latest Industrial Trends Survey from the Confederation of British Industry showed Tuesday.

The survey showed that 31 percent of manufacturers reported total order books to be above normal, and 23 percent said they were below normal, giving a rounded balance of +7 percent for three months ended August.

The factory order book balance for August fell to +7 percent from +11 percent in previous month. The expected balance was 8 percent.

The greenback climbed to a high of Y110.547 against the Japanese Yen Tuesday, but has since eased back to around Y110.350.

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