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Forex News: Dollar Turning In Another Lackluster Performance

Dollar Turning In Another Lackluster Performance

05/09/2018 - 15:09:00 (RTTNews)

(RTTNews) - The dollar is little changed for a second consecutive session Wednesday, after paring early gains. Yesterday's decision by President Trump to withdraw from the Iran nuclear deal has had little impact on the currency.

Economic data was on the light side Wednesday, but traders are looking forward to the release of weekly jobless claims and inflation data Thursday morning.

A report released by the Labor Department on Wednesday showed a modest uptick in U.S. producer prices in the month of April. The Labor Department said its producer price index for final demand inched up by 0.1 percent in April after rising by 0.3 percent in March. Economists had expected prices to edge up by 0.2 percent.

Wholesale inventories in the U.S. increased by less than anticipated in the month of March, according to a report released by the Commerce Department on Wednesday. The Commerce Department said wholesale inventories rose by 0.3 percent in March after climbing by 0.9 percent in February. Economists had expected wholesale inventories to increase by 0.5 percent.

The dollar rose to an early high of $1.1822 against the Euro Wednesday, but has since retreated to around $1.1860.

France's industrial production decreased unexpectedly in March, data from the statistical office Insee revealed Wednesday. Industrial production fell 0.4 percent month-on-month in March, in contrast to a 1.1 percent rise in February and the expected growth of 0.4 percent.

The buck climbed to a high of $1.3498 against the pound sterling Wednesday morning, but has since pulled back to around $1.3550.

Like-for-like sales in the United Kingdom tumbled 4.2 percent on year in April, the British Retail Consortium said on Wednesday. That was well shy of expectations for a decline of 0.8 percent following the 1.4 percent increase in March.

The greenback has advanced to around Y109.125 against the Japanese Yen this afternoon, from an early low of Y108.999.

Total labor cash earnings in Japan increased for the eighth straight month in March, and at a faster-than-expected pace, preliminary report from the Ministry of Health, Labor and Welfare showed Wednesday. Gross earnings climbed 2.1 percent year-over-year in March, faster than the revised 1.0 percent rise in February. Economists had expected a 1.0 percent increase for the month.

Japan's leading index decreased more-than-expected at the end of the first quarter, preliminary figures from the Cabinet Office showed Wednesday. The leading index, which measures the future economic activity, dropped to 105.0 in March from 105.9 in February. The index was expected to fall to 105.1.

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