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Dollar Trading Mixed On Light Day For Economic Data

The dollar is currently turning in a mixed performance against its major rivals Monday afternoon. Investors are largely holding to the sidelines on a light day for economic data. The upcoming start of the earnings reporting season on Wall Street also seems to be contributing to the cautious mood among traders.

Activity in the New York manufacturing sector grew at a notably slower pace in the month of July, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index dropped to 9.8 in July from ‘19.8 in June, although a positive reading still indicates growth. Economists had expected the index to fall to 15.0.

The dollar has fallen to around $1.1475 against the Euro Monday afternoon, from an early high of $1.1434.

Eurozone inflation slowed to a 6-month low in June as estimated, final data from Eurostat showed Monday. Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30.

The buck has rebounded to around $1.3050 against the pound sterling Monday afternoon, after slipping to a 2-month low of $1.3110 this morning.

UK house prices increased only marginally in July as subdued wage growth weighed on affordability, property website Rightmove reported Monday. Asking prices edged up 0.1 percent in July from June. Average asking prices of property reached GBP 316,421.

UK house prices dropped for the third straight month in June, the LSL Property Services/Acadata showed Monday. House prices dropped 0.2 percent in June from May, when they slid 0.1 percent. The average price in June was GBP 301,114.

The greenback rose to an early high of Y112.865 against the Japanese Yen this morning, but has since eased back to around Y112.640.

The material has been provided by InstaForex Company – www.instaforex.com