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Forex News: U.S. Dollar Turns In Lackluster Performance

U.S. Dollar Turns In Lackluster Performance

08/12/2020 - 16:26:00 (RTTNews)

(RTTNews) - The U.S. dollar turned in a mixed performance against other major currencies during trading on Wednesday as lawmakers remain at an impasse over a new coronavirus stimulus bill.

The greenback is trading at 106.84 yen compared to the 106.49 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1790 compared to yesterday's $1.1740.

The lackluster performance by the dollar comes after House Speaker Nancy Pelosi, D-Calif., told MSNBC that Democrats and Republicans are "miles apart" on a coronavirus relief bill.

On the U.S. economic front, the Labor Department released a report showing consumer prices increased by more than anticipated in the month of July.

The Labor Department said its consumer price index climbed by 0.6 percent in July, matching the increase seen in June. Economist had expected consumer prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices still advanced by 0.6 percent in July after inching up by 0.2 percent in the previous month. Core prices were expected to edge up by another 0.2 percent.

The uptick by the euro came after data showed factory output in the euro zone grew for the second straight month in June amid a marked relaxation of the coronavirus containment measures.

Industrial output grew 9.1 percent on month, slower than the 12.3 percent rise in May and the 10 percent rise economists' had forecast, Eurostat said.

On a yearly basis, the decline in industrial output slowed to 12.3 percent from 20.4 percent in the previous month. Economists had expected an annual decrease of 11.5 percent.

Meanwhile, the U.K. economy contracted for the second straight time in the second quarter amid the coronavirus pandemic although there was some pick up in June after government relaxed restrictions on movement, data from the Office for National Statistics showed.

Gross domestic product contracted by 20.4 percent sequentially in the second quarter, following a 2.2 percent drop in the first quarter. Economists had forecast a quarterly fall of 20.5 percent.

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