U.S. Dollar Seeing Modest Strength Following Powell Remarks

RTTNews | 35 days ago
U.S. Dollar Seeing Modest Strength Following Powell Remarks

(RTTNews) - The value of the U.S. dollar is currently seeing modest strength on Tuesday after fluctuating earlier in the trading day.

Currently, the U.S. dollar index is trading at 106.36 points up 0.15 points or 0.1 percent, but well off its highs of the session.

The greenback is trading at 154.67 yen compared to the 154.28 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0617 compared to yesterday's $1.0624.

The uptick by the dollar comes after Federal Reserve Chair Jerome Powell indicated in afternoon remarks that rates are likely to remain higher for longer amid a "lack of progress" toward reaching the central bank's inflation goal.

"Recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2 percent inflation goal," Powell said during a moderated discussion with Bank of Canada Governor Tiff Macklem.

Fed officials, including Powell, have repeatedly stated they need "greater confidence" inflation is slowing before they consider cutting interest rates.

"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," Powell said. "That said, we think policy is well positioned to handle the risks that we face."

read more
U.S. Existing Home Sales Unexpectedly Extend Pullback In April

U.S. Existing Home Sales Unexpectedly Extend Pullback In April

Existing home sales in the U.S. unexpectedly saw further downside in the month of April, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales slumped by 1.9 percent to an annual rate of 4.14 million in April after tumbling by 3.7 percent to a revised rate of 4.22 million in March.
RTTNews | 6h 12min ago
U.S. Leading Economic Index Decreases More Than Expected In April

U.S. Leading Economic Index Decreases More Than Expected In April

Suggesting softer economic conditions lay ahead, the Conference Board released a report on Friday showing a continued decrease by its reading on leading U.S. economic indicators in the month of April. The Conference Board said its leading economic index fell by 0.6 percent in April after dipping by 0.3 percent in March. Economists had expected the index to decrease by another 0.3 percent.
RTTNews | 5 days ago
U.S. Industrial Production Unexpectedly Unchanged In April

U.S. Industrial Production Unexpectedly Unchanged In April

With a surge in utilities output offset by decreases in mining and manufacturing output, the Federal Reserve released a report on Thursday showing U.S. industrial production came in flat in the month of April. The Fed said industrial production came in unchanged in April after inching up by a downwardly revised 0.1 percent in March.
RTTNews | 6 days ago
Philly Fed Index Indicates Notably Slower Growth In May

Philly Fed Index Indicates Notably Slower Growth In May

Philadelphia-area manufacturing activity saw a notable slowdown in the pace of growth in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity tumbled to 4.5 in May from 15.5 in April, although a positive reading still indicates growth.
RTTNews | 6 days ago
U.S. Import Prices Jump 0.9% In April, Much More Than Expected

U.S. Import Prices Jump 0.9% In April, Much More Than Expected

The Labor Department released a report on Thursday showing U.S. import prices jumped by much more than expected in the month of April. The report said import prices shot up by 0.9 percent in April after climbing by an upwardly revised 0.6 percent in March. Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.
RTTNews | 6 days ago
U.S. Weekly Jobless Claims Pull Back From More Than Eight-Month High

U.S. Weekly Jobless Claims Pull Back From More Than Eight-Month High

After reporting a notable increase in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing jobless claims pulled back roughly in line with estimates in the week ended May 11th. The Labor Department said initial jobless claims fell to 222,000, a decrease of 10,000 from the previous week's revised level of 232,000.
RTTNews | 6 days ago