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Forex News: Dollar Weakens Further At The Start Of The

Dollar Weakens Further At The Start Of The New Trading Week

01/23/2017 - 14:11:00 (RTTNews)

(RTTNews) - The dollar is down against all of its major rivals Monday afternoon, extending the weakness that was sparked by President Donald Trump's inauguration speech last Friday. The tone of the speech was viewed as protectionist. Trump did not specify his economic policies in the speech, but pledged to lead an administration that puts America first.

A lack of U.S. economic data is also keeping investors on the sidelines at the start of the new trading week. Economic data will remain sparse in the next couple of days, with only existing home sales to look forward to on Tuesday. Weekly jobless claims and new home sales are due to be released on Thursday, while GDP, durable goods orders and consumer sentiment are slated for Friday.

Japan's government retained its economic assessment on Monday, saying the economy is on a moderate recovery.

The Cabinet Office reiterated that private consumption showed movements of picking up, while business investment improvement appeared to be pausing.

The dollar has dropped to around Y133.100 against the Japanese Yen Monday afternoon, from Friday high of around Y115.375.

Japan's all industry activity increased at a slower-than-expected pace in November, figures from the Ministry of Economy, Trade and Industry showed Monday.

The all industry activity index rose a seasonally adjusted 0.3 percent month-over-month in November, after remaining flat in the previous month. That was just below the 0.4 percent gain expected by economists.

Japan's leading index climbed more than initially estimated in November and remained at the highest level in fifteen months, latest figures from the Cabinet Office showed Monday. The leading index, which measures the future economic activity, rose to 102.8 in November from 100.8 in October. The November reading was revised up slightly from 102.7.

The buck fell to a month and a half low of $1.0754 against the Euro Monday, but has since bounced back to around $1.0735.

The euro area government debt declined in the third quarter, the European Central Bank said Monday. The government debt to GDP came in at 90.1 percent in the third quarter compared to 91.2 percent in the second quarter. In the same period last year, the government debt was 91.5 percent.

The U.K. economy is set to undergo a fairly gradual dip and recover over the coming four years as the country is set to initiate steps to leave the EU this year.

According to the EY ITEM Club winter forecast, released Monday, the economy has to shift its reliance from consumer spending towards exports as households started to contain their expenditure due to rising inflation.

The greenback has tumbled to over a 1-month low of $1.2490 against the pound sterling Monday afternoon, from Friday's high of around $1.2250.

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