logo
Plus   Neg
Share
Email

Dollar Trading Mixed After Holiday Break

eur-usd2-010219-lt.jpg

The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, after investors returned to action following yesterday's New Year's Day holiday. The buck is gaining ground against its major European rivals, but is down against the Japanese Yen.

The lack of U.S. economic data is keeping some investors on the sidelines Wednesday. Traders can look forward to the release of the private sector employment report, weekly jobless claims and the ISM manufacturing index Thursday morning. The all important U.S. jobs report is slated for release Friday morning.

The dollar slipped to an early low of $1.1496 against the Euro Wednesday, but has since rebounded to around $1.1330.

Eurozone manufacturing expanded at the weakest pace since early 2016 in December as new orders fell for a third month and business confidence eroded to a six-year low, results of the survey by IHS Markit confirmed on Wednesday.

The final Eurozone Manufacturing Purchasing Managers' Index, or PMI, was 51.4, unchanged from the flash, but lower than November's 51.8.

Germany's employment grew to a record high in 2018 despite a slowdown in the economy, preliminary figures from the Federal Statistical Office showed on Wednesday. The number of employed grew by 562,000 persons or 1.3 percent to an annual average 44.8 million.

The buck has climbed to around $1.2590 against the pound sterling this afternoon, from an early low of $1.2772.

UK manufacturing sector expanded at the fastest pace in six months in December, defying expectations for a slowing, as demand strengthened as manufacturers and clients prepared for Brexit. The CIPS UK manufacturing Purchasing Managers' Index, or PMI, climbed to 54.2 from November's 53.6, survey data from IHS Markit showed on Wednesday.

Economists had forecast a lower score of 52.5. A PMI reading above 50 shows growth in the manufacturing sector.

The greenback dropped to a 7-month low of Y108.707 against the Japanese Yen this morning, but has since bounced back to around Y109.375.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Currencies

0 Articles
Follow RTT