Edition:
United Kingdom

Karen Brettell

Dollar gains over euro after strong U.S. retail sales

18 Apr 2019

NEW YORK The U.S. dollar gained on Thursday on strong retail sales data, while the euro was dented by weak manufacturing data in the region.

Dollar weakens vs euro after China growth data tops views

17 Apr 2019

NEW YORK The greenback weakened against the euro on Wednesday as better-than-expected economic growth data in China bolstered risk appetite and a day ahead of the release of closely watched economic data for the euro zone.

FOREX-Dollar weakens as Chinese data boosts risk appetite

17 Apr 2019

* Greenback weakens after strong Chinese data * Aussie dollar outperforms * Kiwi drops after inflation slows (New throughout, updates trading and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, April 17 The greenback weakened on Wednesday as better-than-expected economic data in China bolstered risk appetite and boosted the Australian dollar. China's economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production surged and consumer demand showed signs of improvement. “Risk sentiment seems to have improved overnight on the back of the strong Chinese data,” said Shaun Osborne, chief FX strategist at Scotiabank in Toronto. Investors are closely watching Chinese and European economic data for signals that global growth is recovering. The release of Purchasing Managers Indexes (PMIs) for the manufacturing and service sectors in Europe on Thursday will provide the next indication of the strength of the European economy. Investment inflows into Europe have been improving, which may give the euro a boost against the greenback. The U.S. dollar is also heading into a period of the year when it has traditionally weakened. “We’re at the upper end of the range for the dollar and we think seasonal pressures should start to weigh a little bit more on the dollar going forward, generally this is about the time of year when the dollar starts to soften up from a seasonal point of view,” said Osborne. The Australian dollar outperformed on the Chinese data. The currency is sensitive to the economic fortunes of China, Australia’s biggest trading partner. "It is becoming very clear again this morning what really matters for the Australian dollar is China. The currency is up despite the fact that the RBA rate meeting caused negative sentiment yesterday," said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt. The New Zealand dollar, meanwhile, fell after data showed that annual inflation slowed in the first quarter, which raised the odds of an interest rate cut in the coming months. Data on Wednesday also showed that the U.S. trade deficit fell to an eight-month low in February as exports to China surged, helping to eclipse a rebound in overall imports, which could boost economic growth estimates for the first quarter. ======================================================== Currency bid prices at 9:30AM (1330 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1299 $1.1280 +0.17% -1.48% +1.1324 +1.1280 Dollar/Yen JPY= 111.9800 111.9900 -0.01% +1.56% +112.1600 +111.9300 Euro/Yen EURJPY= 126.50 126.34 +0.13% +0.22% +126.8100 +126.2900 Dollar/Swiss CHF= 1.0089 1.0078 +0.11% +2.80% +1.0092 +1.0068 Sterling/Dollar GBP= 1.3046 1.3048 -0.02% +2.27% +1.3068 +1.3030 Dollar/Canadian CAD= 1.3292 1.3349 -0.43% -2.53% +1.3371 +1.3274 Australian/Doll AUD= 0.7198 0.7175 +0.32% +2.11% +0.7205 +0.7154 ar Euro/Swiss EURCHF= 1.1401 1.1368 +0.29% +1.31% +1.1412 +1.1366 Euro/Sterling EURGBP= 0.8661 0.8643 +0.21% -3.60% +0.8680 +0.8642 NZ NZD= 0.6735 0.6761 -0.38% +0.27% +0.6775 +0.6672 Dollar/Dollar Dollar/Norway NOK= 8.4686 8.4911 -0.26% -1.97% +8.4993 +8.4600 Euro/Norway EURNOK= 9.5712 9.5847 -0.14% -3.38% +9.5963 +9.5711 Dollar/Sweden SEK= 9.2324 9.2571 -0.11% +3.00% +9.2660 +9.2167 Euro/Sweden EURSEK= 10.4330 10.4445 -0.11% +1.65% +10.4603 +10.4320 (Additional reporting by Tom Finn in London; Editing by Bernadette Baum)

Dollar gains as report of dovish European Central Bank members dents euro

16 Apr 2019

NEW YORK The euro fell against the dollar on Tuesday after reports that some European Central Bank policymakers think the bank’s economic projections are too optimistic.

FOREX-Dollar gains after report of dovish ECB members

16 Apr 2019

(New throughout, updates prices, market activity and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, April 16 The euro fell against the dollar on Tuesday after reports that a "significant minority" of European Central Bank policymakers think the bank’s economic projections are too optimistic, while the Australian dollar weakened on dovish central bank comments. Several ECB policymakers said the bank's economic projections are too rosy as weak growth in China and trade tensions linger, four sources with direct knowledge of discussions said. The "significant minority" of rate-setters in last week’s policy meeting expressed doubt that a long projected growth recovery is coming in the second half of the year and some even questioned the accuracy of the ECB’s projection models, given their long history of downward revisions, the sources said. “It’s yet another dovish take,” said Win Thin, global head of currency strategy at Brown Brothers Harriman in New York. “I think they are pushing back against the euro strengthening. It’s one of the few levers they have left.” The release of Purchasing Managers Indexes (PMIs) for the manufacturing and service sectors in Europe on Thursday will be closely watched as traders look for signals of improving growth in the region. The Australian dollar dipped after the Reserve Bank of Australia said that a cut in interest rates would be "appropriate" should inflation stay low and unemployment trend higher. Sterling also slipped after the Guardian newspaper reported that talks between Prime Minister Theresa May and the opposition Labour Party regarding Britain’s exit from the European Union had stalled. The Labour Party denied the report. Traders are also waiting for Chinese gross domestic product data on Wednesday, which may indicate the worst is over for the global economy. Chinese exports and credit data last week signaled some stabilization in economic conditions. ======================================================== Currency bid prices at 9:40AM (1340 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1294 $1.1307 -0.11% -1.53% +1.1314 +1.1280 Dollar/Yen JPY= 111.9800 112.0300 -0.04% +1.56% +112.0500 +111.8600 Euro/Yen EURJPY= 126.50 126.65 -0.12% +0.22% +126.6800 +126.2100 Dollar/Swiss CHF= 1.0062 1.0038 +0.24% +2.53% +1.0067 +1.0033 Sterling/Dollar GBP= 1.3059 1.3097 -0.29% +2.37% +1.3111 +1.3051 Dollar/Canadian CAD= 1.3370 1.3362 +0.06% -1.96% +1.3402 +1.3363 Australian/Doll AUD= 0.7169 0.7173 -0.06% +1.70% +0.7175 +0.7140 ar Euro/Swiss EURCHF= 1.1366 1.1349 +0.15% +1.00% +1.1377 +1.1344 Euro/Sterling EURGBP= 0.8646 0.8631 +0.17% -3.76% +0.8654 +0.8620 NZ NZD= 0.6758 0.6761 -0.04% +0.61% +0.6768 +0.6742 Dollar/Dollar Dollar/Norway NOK= 8.4812 8.4948 -0.16% -1.82% +8.5068 +8.4765 Euro/Norway EURNOK= 9.5812 9.6020 -0.22% -3.28% +9.6127 +9.5850 Dollar/Sweden SEK= 9.2533 9.2668 -0.21% +3.22% +9.2797 +9.2503 Euro/Sweden EURSEK= 10.4540 10.4760 -0.21% +1.85% +10.4835 +10.4547 (Additional reporting by Tom Finn in London)

Dollar steady as European manufacturing data in focus

15 Apr 2019

NEW YORK The dollar was little changed against the euro on Monday as investors focused on European manufacturing data due on Thursday for signs that growth in the region is improving.

FOREX-Dollar dips as European manufacturing data in focus

15 Apr 2019

(New throughout, updates prices, market activity and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, April 15 The dollar was modestly weaker against the euro on Monday as investors focused on European manufacturing data due on Thursday for signs that growth in the region is improving. "The pace of deterioration in that part of the world has begun to ebb and I think investors are waiting for more concrete signs that we may have passed the worst," said Mazen Issa, senior FX strategist at TD Securities in New York. Improving European data would likely bolster risk appetite and send equities prices higher. That in turn could be negative for the greenback as investors chase higher yielding opportunities elsewhere. "The dollar has shown a fairly strong relationship with relative equity prices for the U.S. versus the rest of the world, and to the extent that we move into an environment where non-U.S. asset markets begin to perform ... we may see a tactical move lower in the dollar," Issa said. Although the dollar tends to underperform when risk appetite grows, data on Friday showed speculators bolstered their net long dollar position in the latest week. It's now at its highest level since December 2015, while traders remain short the euro. Data on Friday showing that China's exports rebounded in March while new bank loans rose more than expected helped boost risk appetite on Monday. Investors are also focused on U.S.-China trade talks, with any deal between the two countries seen as likely to remove headwinds to global growth. U.S. Treasury Secretary Steven Mnuchin said on Saturday a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies and hoped that the two sides were "close to the final round" of negotiations. U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks. ======================================================== Currency bid prices at 9:33AM (1333 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1305 $1.1301 +0.04% -1.43% +1.1321 +1.1296 Dollar/Yen JPY= 112.0500 112.0000 +0.04% +1.62% +112.0900 +111.8900 Euro/Yen EURJPY= 126.70 126.56 +0.11% +0.38% +126.7800 +126.4900 Dollar/Swiss CHF= 1.0031 1.0022 +0.09% +2.21% +1.0032 +1.0010 Sterling/Dollar GBP= 1.3114 1.3081 +0.25% +2.80% +1.3119 +1.3067 Dollar/Canadian CAD= 1.3307 1.3320 -0.10% -2.42% +1.3347 +1.3297 Australian/Doll AUD= 0.7176 0.7171 +0.07% +1.80% +0.7182 +0.7164 ar Euro/Swiss EURCHF= 1.1343 1.1324 +0.17% +0.79% +1.1346 +1.1325 Euro/Sterling EURGBP= 0.8620 0.8636 -0.19% -4.05% +0.8649 +0.8619 NZ NZD= 0.6759 0.6760 -0.01% +0.63% +0.6782 +0.6758 Dollar/Dollar Dollar/Norway NOK= 8.4863 8.4869 -0.01% -1.76% +8.5010 +8.4807 Euro/Norway EURNOK= 9.5970 9.5918 +0.05% -3.11% +9.6164 +9.5856 Dollar/Sweden SEK= 9.2469 9.2691 -0.16% +3.16% +9.2753 +9.2437 Euro/Sweden EURSEK= 10.4580 10.4750 -0.16% +1.89% +10.4795 +10.4569 (Additional reporting by Tommy Wilkes in London Editing by Paul Simao)

Despite differences, U.S. and German yield curves flash slowdown warnings

10 Apr 2019

NEW YORK Parts of the U.S. Treasury yield curve have begun moving in opposing directions, but closer scrutiny shows each section is signalling the same warning that the era of expanding economic growth and interest rate hikes is nearing an end.

Dollar gains as job gains beat expectations

05 Apr 2019

NEW YORK The dollar rose on Friday after a jobs report for March showed than U.S. job gains were better than expected during the month while wage pressures were muted.

Dollar dips as U.S. wage growth slows

05 Apr 2019

NEW YORK The dollar fell slightly on Friday after a jobs report for March showed than U.S. job gains were better than expected during the month while wage pressures were muted.

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