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Forex News: Dollar Trading Mixed After Economic Data Fails To

Dollar Trading Mixed After Economic Data Fails To Impress

06/05/2017 - 14:00:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon, but is little changed overall. Investors were confronted with several U.S. economic reports this morning, which were largely in line with expectations. The rest of the trading week looks to be rather light on economic data.

Revised data released by the Labor Department on Monday showed that U.S. labor productivity was unchanged in the first three months of the year. The Labor Department said productivity came in flat in the first quarter compared to the previously reported 0.6 percent decrease. The revision matched economist estimates.

The report also said unit labor costs surged up by 2.2 percent in the first quarter versus the previously reported 3.0 percent jump. Economists had expected the pace of growth to be revised to 2.5 percent.

After reporting a notable acceleration in the pace of growth in activity in the U.S. service sector in the previous month, the Institute for Supply Management released a report on Monday showing a modest slowdown in the pace of growth in the sector in the month of May.

The ISM said its non-manufacturing index edged down to 56.9 in May from 57.5 in April, although a reading above 50 indicates continued growth in the service sector. Economists had expected the index to dip to 57.0.

Reflecting a pullback in orders for durable goods, the Commerce Department released a report on Monday showing a modest drop in new orders for U.S. manufactured goods in the month of April. The report said factory orders edged down by 0.2 percent in April after jumping by an upwardly revised 1.0 percent in March. The drop in orders matched economist estimates.

The dollar climbed to an early high of $1.1235 against the Euro Monday, but has since eased back to around $1.1260.

The euro area private sector growth continued to run at the fastest pace in six years in May, final data from IHS Markit showed Monday.

The composite output index held steady at 56.8 in May, in line with flash estimate.

At the same time, the services Purchasing Managers' Index dropped marginally to 56.3 in May from 56.4 a month ago. But the score was slightly above the flash estimate of 56.2.

An opinion poll showed that the lead of the U.K. conservative party has narrowed only slightly over the Labour party in general election on June 8. With three days to go to polls, the ICM poll for the Guardian put Conservative with 12 percentage point lead over the Labour, with a score of 45 percent - 34 percent, respectively.

The survey found that May's score was unchanged, while the Labour garnered a 1 percentage point lead from the previous poll published in the prior week.

The buck dropped to over a 1-week low of $1.2940 against the pound sterling Monday, but has since bounced back to around $1.2915.

The UK service sector activity growth eased more-than-expected in May to the weakest level in three months, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Monday. The Markit/CIPS services Purchasing Managers' Index dropped to 53.8 in May from 55.8 in April. Economists had expected the index to fall to 54.8.

The greenback has slipped to around Y110.400 against the Japanese Yen this afternoon, from an intraday high of Y110.731.

The services sector in Japan continued to expand in May, and at a faster rate. The latest survey from Nikkei revealed on Monday with a PMI score of 53.0. That's up from 52.2 in April, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.

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