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Forex News: Dollar Weakens On Political Concerns

Dollar Weakens On Political Concerns

08/21/2017 - 13:50:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Monday afternoon. Traders remain worried that President Trump will be unable to push through his economic agenda following the firing of chief strategist Steve Bannon on Friday.

Meanwhile, tensions between North Korea and the United States have flared up again. North Korea is issuing fresh threats after U.S. and South Korean forces began a 10-day computer-based military exercise on the Korean peninsula.

Traders are also looking forward to comments from Federal Reserve Chair Janet Yellen at the Fed's economic policy symposium in Jackson Hole, Wyoming, on Friday. They will keep an eye on her remarks for clues about the outlook for monetary policy.

The German economy is set to continue strong momentum in the current quarter, Bundesbank said in its monthly report on Monday.

The central bank said GDP growth in the current year could even be somewhat stronger than expected in the June projection. The bank had earlier forecast 1.9 percent growth for 2017.

The dollar has dropped to a 1-week low of $1.1815 against the Euro Monday afternoon, from an early high of $1.1729.

The buck has slipped to around $1.2910 against the pound sterling Monday, from a high of $1.2849 this morning.

British households remained pessimistic about their financial outlook in August, while their financial pressures somewhat softened, results of a survey by IHS Markit and financial information provider Ipsos Mori revealed Monday.

The seasonally adjusted Household Finance Index, or HFI, rose to 43.5 in August from July's 3-year low of 41.6.

The average asking price for a house in the United Kingdom was down 0.9 percent on month in August, property tracking website Rightmove said on Monday - slipping 2,758 pounds. That follows the 0.1 percent increase in July.

The greenback reached an early high of Y109.373 against the Japanese Yen Monday morning, but has since retreated to around Y108.850.

Japan's all industry activity recovered in June, the Ministry of Economy, Trade and Industry showed Monday. The all industry activity index rose 0.4 percent month-on-month in June, reversing a 0.8 percent fall in May. The monthly growth came in line with expectations.

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