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Forex News: Dollar Weakens As Data Drought Persists

Dollar Weakens As Data Drought Persists

10/10/2017 - 13:45:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Tuesday afternoon. The continued lack of U.S. economic data is keeping some investors on the sidelines, while others are awaiting the release of the minutes from the most recent meeting of the Federal Reserve tomorrow afternoon.

The Euro is also receiving a boost from speculation that the European Central Bank may consider reducing its asset purchase program.

The dollar has dropped to a 1-week low of $1.1810 against the Euro Tuesday afternoon, from an early high of $1.1740.

Germany's export growth accelerated sharply in August, suggesting that activity in the biggest euro area economy revved up after a brief summer lull, despite a strong euro.

Exports grew a calendar-and-seasonally adjusted 3.1 percent from July, when they rose 0.2 percent.

Imports also rose for a second month running, up 1.2 percent in August after 2.4 percent growth in July.

The trade deficit widened to EUR 21.6 billion from EUR 19.3 billion in July. Economists had expected EUR 19.5 billion shortfall.

France's industrial production declined unexpectedly in August, after rebounding in the previous month, the statistical office Insee showed Tuesday. Industrial production dropped 0.3 percent month-over-month in August, reversing a 0.8 percent rise in July. Meanwhile, economist had expected a 0.4 percent increase for the month.

The buck has fallen to around $1.3215 against the pound sterling Tuesday afternoon, from an early high of $1.3139.

British industrial production growth eased for the second straight month in August, data from the Office for National Statistics showed Tuesday. Industrial production climbed 0.2 percent month-on-month in August, slower than the 0.3 percent increase seen in July, which was revised up from 0.2 percent. It was the fifth successive monthly rise.

The UK visible trade deficit widened notably in August, data published by the Office for National Statistics showed Tuesday. The visible trade deficit rose to GBP 14.24 billion in August from GBP 12.82 billion in July. The expected level of shortfall was GBP 11.15 billion.

Like-for-like sales in the United Kingdom climbed 1.9 percent on year in September, the British Retail Consortium said on Tuesday. That followed the upwardly revised 1.6 percent increase in August (originally 1.3 percent).

The greenback dropped to nearly a 2-week low of Y111.962 against the Japanese Yen Tuesday, but has since bounced back to around Y112.175.

Japan had a current account surplus of 2.380 trillion yen in August, the Ministry of Finance said on Tuesday. That exceeded expectations for a surplus of 2.223 trillion yen and was up from 2.320 trillion yen in July.

A measure of peoples' assessment of the Japanese economy improved more-than-expected in September to the strongest level in nine months, survey figures from the Cabinet Office showed Tuesday. The current index of Economy Watchers' survey came in at 51.3 in September, up from 49.7 in August. Economists had expected the index to rise to 50.2.

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