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Forex News: Dollar Trading Slightly Higher On Light Data Session

Dollar Trading Slightly Higher On Light Data Session

02/21/2017 - 13:47:00 (RTTNews)

(RTTNews) - The dollar is holding onto slight gains against all of its major competitors at the start of this holiday shortened trading week. Economic data was sparse this morning, but investors can look forward to the release of the existing home sales report tomorrow morning, as well as the release of the FOMC minutes tomorrow afternoon.

Weekly jobless claims are due to be released Thursday morning, while new home sales and consumer sentiment are slated for the end of the week.

The dollar climbed to a 4-session high of $1.0524 against the Euro Tuesday, but has since eased back to around $1.0545.

Eurozone private sector activity gained momentum in February, amid strong job creation, robust order books and business optimism, leading to the fastest expansion in nearly six years.

The flash Eurozone Composite Output Index, which combines manufacturing and services, rose to 56.0 from 54.4 in January, results of the purchasing managers' survey by IHS Markit showed Tuesday.

The latest reading was the highest since April 2011. Economists had forecast a score of 54.3.

Germany's private sector expanded at the fastest pace in nearly three years in February driven by manufacturing activity, flash data from IHS Markit showed Tuesday. The composite output index rose to a 34-month high of 56.1 in February from 54.8 in January.

France's private sector expanded at the sharpest pace in nearly six years in February, driven by roust growth in services activity, flash data from IHS Markit showed Tuesday. The flash composite output index climbed to a 69-month high of 56.2 in February from 54.1 in January.

France inflation accelerated less than initially estimated in January, final data from the statistical office Insee showed Tuesday. Consumer prices advanced 1.3 percent year-on-year in January, faster than December's 0.6 percent increase but slower than the flash estimate of 1.4 percent.

The buck rose to an early high of $1.24 against the pound sterling Tuesday, but has since retreated to around $1.2465.

The UK budget balance showed the biggest surplus for January since 2000, the Office for National Statistics showed Tuesday.

Public sector net borrowing, excluding public sector banks, showed a surplus of GBP 9.4 billion, which was GBP 0.3 billion larger surplus than in January 2016. This was the highest January surplus since 2000. However, the surplus was below the expected level of GBP 14 billion.

The greenback climbed to a 3-session high of Y113.777 against the Japanese Yen this morning, but has since slipped back to around Y113.535.

Japan's all industry activity declined at a faster-than-expected pace in December, after rising in the previous month, figures from the Ministry of Economy, Trade and Industry showed Tuesday.

The all industry activity index fell a seasonally adjusted 0.3 percent month-over-month in December, slightly above the 0.2 percent drop economists had expected. This was followed by a 0.4 percent rise in November.

Japan's manufacturing activity expanded at the quickest pace in nearly three years in February, preliminary data from IHS Markit showed Tuesday. The Nikkei Flash Manufacturing Purchasing Managers' Index, or PMI, rose to 53.5 in February from 52.7 in January. Any reading above 50 indicates expansion in the sector.

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