U.S. Dollar Gives Back Ground Following Recent Strength

RTTNews | 863 days ago
U.S. Dollar Gives Back Ground Following Recent Strength

(RTTNews) - After trending higher over the past several sessions, the value of the U.S. dollar has given back some ground during trading on Monday.

The U.S. dollar index is falling 0.56 points or 0.5 percent to 104.66 after reaching its highest levels in over two months last Friday.

Currently, the greenback is trading at 136.21 yen versus the 136.48 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.0608 compared to last Friday's $1.0548.

The dollar's retreat versus the euro partly reflects concerns about the outlook for European interest rates, with some traders pricing in a terminal rate of 3.9 percent next February.

"The king dollar trade might make a comeback, but many investors are expecting the ECB to deliver more rate hikes than all of its major trading partners," said Edward Moya, senior market analyst at OANDA.

The pullback by the dollar also came following the release of some mixed U.S. economic data, including a Commerce Department report showing a sharp pullback in new orders for durable goods in the month of January.

The report said durable goods orders plunged by 4.5 percent in January after surging by a downwardly revised 5.1 percent in December.

Economists had expected durable goods orders to tumble by 4.0 percent compared to the 5.6 percent spike that had been reported for the previous month.

The steep drop by durable goods orders came as orders for transportation equipment plummeted by 13.3 percent in January after soaring by 15.8 percent in December.

Excluding orders for transportation equipment, durable goods orders climbed by 0.7 percent in January after falling by 0.4 percent in December. Economists had expected a 0.1 percent uptick.

Meanwhile, the National Association of Realtors released a separate report showing pending home sales in the U.S. spiked by much more than expected in the month of January.

NAR said its pending home sales index soared by 8.1 percent to 82.5 in January after jumping by 1.1 percent to a downwardly revised 76.3 in December.

Economists had expected pending home sales to advance by 1.0 percent compared to the 2.5 percent surge originally reported for the previous month.

read more
U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 14h 33min ago
Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

The Federal Reserve on Wednesday released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
RTTNews | 16h 7min ago
U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 20h 13min ago
U.S. Factory Orders Spike In Line With Estimates In May

U.S. Factory Orders Spike In Line With Estimates In May

New orders for U.S. manufactured goods saw a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department factory orders spiked by 8.2 percent in May after plunging by a revised 3.9 percent in April. The sharp increase matched economist estimates.
RTTNews | 6 days ago
U.S. Service Sector Returns To Growth In June

U.S. Service Sector Returns To Growth In June

After reporting a slight contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Thursday showing the service sector returned to growth in the month of June. The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
RTTNews | 6 days ago