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Forex News: Dollar Trading Mixed After Early Gains Erode

Dollar Trading Mixed After Early Gains Erode

05/18/2018 - 14:52:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start Friday, but has since pared its early gains. The buck is up slightly against its major European rivals, but is down against the Japanese Yen. There have been few catalysts to drive trading at the end of the week. The lack of U.S. economic data is keeping some investors on the sidelines.

The dollar climbed to a 5-month high of $1.1749 against the Euro Friday, but has since retreated to around $1.1775.

Eurozone trade surplus increased in March from a month earlier, as exports grew faster than imports, data from Eurostat showed Friday. The seasonally adjusted trade surplus rose to EUR 21.2 billion in March from EUR 20.9 billion in February.

The euro area current account surplus declined for the second straight month in March to the lowest level in nine months, the European Central Bank reported Friday. The current account surplus fell to a seasonally adjusted EUR 32.0 billion in March from EUR 36.8 billion in February.

Germany's consumer price inflation accelerated unexpectedly in April, though marginally, data from Destatis showed Friday. Producer price inflation rose to 2.0 percent in April from 1.9 percent in March. Meanwhile, the rate was forecast to slow to 1.8 percent.

Germany's wholesale price inflation accelerated in April after remaining stable in the previous month, data from Destatis showed Friday. Wholesale prices climbed 1.4 percent year-over-year in April, faster than March's 1.2 percent increase.

The buck rose to a high of $1.3453 against the pound sterling Friday, but has since eased back to around $1.3485.

The greenback climbed to nearly a 4-month high of Y111.081 against the Japanese Yen Friday, but has since retreated to around Y110.680.

Overall nationwide consumer prices in Japan were up just 0.6 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday. That was shy of expectations for a gain of 0.7 percent and was down sharply from 1.1 percent in March.

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