Dollar Little Changed Despite Weak Durable Goods Data
26 Juni 2017 - 04:33PM
RTTF2
The dollar is turning in a mixed performance Monday afternoon,
but is little changed overall. Economic data was on the light side
at the start of the new trading week, but what little there was
proved weaker than anticipated.
New orders for U.S. manufactured durable goods fell by more than
expected in the month of May, according to a report released by the
Commerce Department on Monday. The report said durable goods orders
tumbled by 1.1 percent in May after slumping by 0.9 percent in
April. Economists had expected orders to drop by 0.6 percent.
The dollar fell to over a 1-week low of $1.1219 against the Euro
Monday morning, but has since bounced back to around $1.1190.
German business confidence strengthened to a record high in
June, breaking last month's record, as companies were more
satisfied with their current situation amid improved outlook.
The business confidence index rose unexpectedly to 115.1 in June
from 114.6 in May, survey data from the Munich-based Ifo institute
showed Monday. The score reached its highest level on record since
1991. The reading was forecast to fall to 114.4.
The buck fell to an early low of $1.2759 against the pound
sterling Monday, but has since rebounded to around $1.2720.
UK mortgage approvals declined to an eight-month low in May, the
British Bankers' Association reported Monday. The number of
mortgages approved in May totaled 40,347, the lowest since
September 2016. Economists had forecast approvals to drop to 40,250
from 40,686 in April.
The greenback has climbed to around Y111.680 against the
Japanese Yen Monday afternoon, from an early low of Y111.206.
Producer prices in Japan were up 0.7 percent on year in May, the
Bank of Japan said on Monday. That was in line with expectations
and down from the upwardly revised 0.8 percent increase in
April.
Japan's leading index declined more than initially estimated in
April, latest figures from the Cabinet Office showed Monday. The
leading index, which measures the future economic activity, dropped
to 104.2 in April from 105.7 in March. The reading for April was
revised down from 104.5.
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