Dollar Gains Against Major Rivals On Rate Hike Hopes

RTTNews | 1110 dagar sedan

(RTTNews) - The U.S. dollar climbed higher and scored gains over most of its major counterparts on Monday amid bets the Federal Reserve will aggressively hike rates. Weak economic data out of China contributed as well to the dollar's strength.

Recent comments from some Fed officials supporting sharp interest rate hikes continued to aid the dollar's uptick.

Traders also looked ahead to the Fed minutes, due out on Wednesday, for clues about the pace of rate hikes in the future.

China's industrial production and retail sales growth for July came in well below estimates, youth unemployment hit a record high in July, investment into real estate fell at a faster pace in July than June and investment into manufacturing slowed its pace of growth, suggesting that the post-lockdown recovery is losing steam.

A surprise interest rate cut by China's central bank has added to concerns about slowing growth in the world's second largest economy.

In U.S. economic news, the New York Federal Reserve released a report unexpectedly showing a substantial contraction in regional manufacturing activity in the month of August.

The New York Fed said its general business conditions index plummeted to a negative 31.3 in August from a positive 11.1 in July, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to show a much more modest decrease to a positive 8.5.

A separate report released by the National Association of Home Builders unexpectedly showed a continued deterioration in U.S. homebuilder confidence in the month of August.

The report showed the NAHB/Wells Fargo Housing Market Index dropped to 49 in August from 55 in July. Economists had expected the index to come in unchanged.

The dollar index climbed to 106.55, gaining nearly 0.9%.

Against the Euro, the dollar firmed to $1.0159 from $1.0259

The dollar traded at $1.2055 against Pound Sterling, strengthening from $1.2138

Against the Japanese currency, the dollar was weak at 133.31 yen, easing from 133.45 yen.

U.S. Dollar Falls Against Most Majors

The U.S. dollar weakened against its most major counterparts in the New York session on Friday.

RTTNews | 14h 10minuter sedan

German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.

RTTNews | 15h 29minuter sedan

Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings

Despite weak GDP data, the Canadian market is up firmly in positive territory Friday afternoon with stocks from materials and healthcare sectors contributing significantly to the gains.

RTTNews | 17h 42minuter sedan

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

RTTNews | 18h 19minuter sedan

European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

RTTNews | 18h 47minuter sedan

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | 21h 32minuter sedan

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | 21h 51minuter sedan

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | 22h 34minuter sedan

EURUSD	1.1684	GBPUSD	1.34987	AUDUSD	0.6538
USDJPY	147.04	USDCAD	1.3741	USDCHF	0.80047