By continuing to use this site you consent to the use of cookies on your device. Find out more about our cookie policy and the types of cookies we use by clicking here

Dollar Trading Mixed As Data Disappoints

WASHINGTON (Alliance News) - The dollar is turning in a mixed performance against its major ...

Alliance News 17 April, 2017 | 7:44PM
Email Form

WASHINGTON (Alliance News) - The dollar is turning in a mixed performance against its major rivals Monday afternoon. While trading has resumed in the US following the Easter holiday, markets in Europe remain closed until Tuesday. The buck is down against both the Euro and the British pound this afternoon, but is up slightly against the Japanese Yen.

Weak economic data is weighing on investor sentiment at the start of the new trading week. The NY manufacturing report and the US homebuilder confidence data both came in weaker than anticipated.

Continued geopolitical concerns are also weighing on sentiment. The US said it is working with China and other allies on a range of responses to North Korea's failed missile launch over the weekend.

While a report released by the Federal Reserve Bank of New York on Monday showed continued growth in the New York manufacturing sector in the month of April, the pace of growth slowed by much more than anticipated.

The New York Fed said its general business conditions index tumbled to 5.2 in April after dipping to 16.4 in March, although a positive reading still indicates growth. Economists had expected the index to edge down to 15.0.

After reporting US homebuilder confidence at a nearly twelve-year high in the previous month, the National Association of Home Builders released a report on Monday showing a pullback in confidence in the month of April.

The report said the NAHB/Wells Fargo Housing Market Index dropped to 68 in April after jumping to 71 in March. Economists had expected the index to edge down to 70.

The dollar dropped to a low of USD1.0670 against the Euro Monday, but has since bounced back to around USD1.0650.

The buck tumbled to over a 2-week low of USD1.2595 against the pound sterling Monday, but has since rebounded to around USD1.2580.

The greenback slipped to an early low of Y108.126 against the Japanese Yen Monday, but has since climbed to around Y108.630.

Copyright RTT News/dpa-AFX

Email Form
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.