FOREX TradingCharts.com

Forex News: Dollar Turns Lower After Early Gains Erode

Dollar Turns Lower After Early Gains Erode

06/05/2018 - 14:45:00 (RTTNews)

(RTTNews) - The dollar got off to a positive start against its major rivals Tuesday, but has since reversed and is now losing ground against them in the afternoon. Traders are in a cautious mood ahead of the upcoming G-7 summit in Canada as well as the planned meeting between President Donald Trump and North Korean leader Kim Jong Un next week.

Activity in the U.S. service sector grew at a faster than expected rate in the month of May, according to a report released by the Institute for Supply Management on Tuesday. The ISM said its non-manufacturing index climbed to 58.6 in May from 56.8 in April, with a reading above 50 indicating growth in the service sector. Economists had expected the index to rise to 57.5.

The dollar rose to an early high of $1.1650 against the Euro Tuesday, but has since pulled back to around $1.1720.

Eurozone private sector expanded at the slowest pace in one-and-a-half years, as initially estimated, in May, final data from IHS Markit showed Tuesday. The composite output index dropped to 54.1 from 55.1 in April, but in line with the flash reading of 54.1. This was the lowest score since November 2016.

Eurozone retail sales logged a marginal growth in April, data from Eurostat showed Tuesday. Retail sales gained 0.1 percent month-on-month in April, slower than the 0.4 percent increase in March. Sales were forecast to grow 0.5 percent. Nonetheless, this was the third consecutive increase in turnover.

The buck has retreated to around $1.34 against the pound sterling Tuesday afternoon, from an early high of $1.33.

British service sector activity expanded at the fastest pace in three months in May, despite Brexit-related uncertainty, survey data from IHS Markit showed Tuesday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose more-than-expected to 54.0 in May from 52.8 in April. The index was forecast to improve to 53.0.

Like-for-like sales in the United Kingdom were up 2.8 percent on year in May, the British Retail Consortium said on Tuesday. That beat expectations for an increase of 1 percent following the 4.2 percent contraction in April.

The greenback climbed to a high of Y110.002 against the Japanese Yen Tuesday morning, but has since retreated to around Y109.695.

The average of household spending in Japan was down 1.3 percent on year in April, the Ministry of Internal Affairs and Communications said on Tuesday, coming in at 294,439 yen. That was well shy of forecasts for a gain of 0.8 percent following the 0.7 percent decline in March.

The services sector in Japan continued to expand in May, albeit at a slower pace, the latest survey from Nikkei showed on Tuesday with a services PMI score of 51.0. That's down from 52.5 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Euro Little Changed After Eurozone Advanced Consumer Sentiment Index (01 hr(s), 49 min(s), 56 sec(s) ago)
(RTTNews) - Following the release of Eurozone advanced consumer sentiment index for June at 10:00 ...Full Story»

Pound Climbs After BoE Decision (04 hr(s), 55 min(s), 56 sec(s) ago)
(RTTNews) - As expected, the Bank of England retained its bank rate at 0.50 percent and asset purc ...Full Story»

Pound Steady Ahead Of BoE Decision (04 hr(s), 58 min(s), 56 sec(s) ago)
(RTTNews) - At 7.00 am ET Thursday, the Bank of England is set to announce its rate decision. The ...Full Story»

Pound Little Changed After U.K. Public Sector Finance Data (07 hr(s), 22 min(s), 56 sec(s) ago)
(RTTNews) - At 4.30 am ET Thursday, the Office for National Statistics has released UK public sect ...Full Story»

Pound Mixed Ahead Of U.K. Public Sector Finance Data (07 hr(s), 28 min(s), 56 sec(s) ago)
(RTTNews) - At 4.30 am ET Thursday, the Office for National Statistics releases UK public sector f ...Full Story»

Franc Little Changed After SNB Decision (08 hr(s), 19 min(s), 56 sec(s) ago)
(RTTNews) - As expected, the Swiss National Bank kept the rate on sight deposits at -0.75 percent ...Full Story»

Franc Rises Vs Most Majors Ahead Of SNB Decision (08 hr(s), 28 min(s), 56 sec(s) ago)
(RTTNews) - At 3.30 am ET Thursday, the Swiss National Bank is set to announce the outcome of its ...Full Story»

Franc Little Changed After Swiss Trade Data (09 hr(s), 52 min(s), 56 sec(s) ago)
(RTTNews) - At 2.00 am ET Thursday, Swiss foreign trade data for May has been released. After the ...Full Story»

Search

FOREX NEWS

Euro Little Changed After Eurozone Advanced Consumer Sentiment Index

06/21/2018 - 10:06 AM (RTTNews)
(RTTNews) - Following the release of Eurozone advanced consumer sentiment index for June at 10:00 ...Full Story>>

Pound Climbs After BoE Decision

06/21/2018 - 07:02 AM (RTTNews)
(RTTNews) - As expected, the Bank of England retained its bank rate at 0.50 percent and asset purc ...Full Story>>

Pound Steady Ahead Of BoE Decision

06/21/2018 - 06:57 AM (RTTNews)
(RTTNews) - At 7.00 am ET Thursday, the Bank of England is set to announce its rate decision. The ...Full Story>>

Pound Little Changed After U.K. Public Sector Finance Data

06/21/2018 - 04:35 AM (RTTNews)
(RTTNews) - At 4.30 am ET Thursday, the Office for National Statistics has released UK public sect ...Full Story>>

Pound Mixed Ahead Of U.K. Public Sector Finance Data

06/21/2018 - 04:27 AM (RTTNews)
(RTTNews) - At 4.30 am ET Thursday, the Office for National Statistics releases UK public sector f ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.