Dollar Trading Mixed Ahead Of Summit
June 11 2018 - 10:29AM
RTTF2
The dollar is turning in a mixed performance Monday afternoon.
Traders are in a cautious mood ahead of the historic summit between
President Donald Trump and North Korean leader Kim Jong Un on
Tuesday.
Ahead of the meeting, Secretary of State Mike Pompeo indicated
the U.S. is prepared to offer North Korea "unique" security
assurances in exchange for the complete, verifiable and
irreversible denuclearization of the Korean peninsula.
Italian Economy Minister Giovanni Tria said that the new
government has no plans to leave the euro and is seeking to boost
growth through investment and structural reforms instead of deficit
spending.
"The position of the government is clear and unanimous. There is
no question of leaving the euro," Tria said to Italian newspaper
Corriere della Sera on Sunday.
"The government is determined to prevent in any way the market
conditions that would lead to an exit materializing. It's not just
that we do not want to leave, we will act in such a way that the
conditions do not get anywhere near to a position where they might
challenge our presence in the euro."
The dollar dipped to an early low of $1.1820 against the Euro
Monday, but has since rebounded to around $1.1785.
The buck climbed to an early high of $1.3344 against the pound
sterling Monday, but has since eased back to around $1.3375.
UK industrial production decreased unexpectedly at the start of
the second quarter, figures from the Office for National Statistics
showed Monday.
Industrial production fell 0.8 percent month-over-month in
April, reversing a 0.1 percent rise in March. It was the first
decline in four months.
Meanwhile, economists had expected a stable 0.1 percent increase
for the month.
The United Kingdom's visible trade deficit in April was the
biggest in over one-and-a-half years, data from the Office for
National Statistics showed Monday.
The trade in goods deficit widened to GBP 14.035 billion from
GBP 9.248 billion a year ago and GBP 12.003 billion in March. The
latest figure was the biggest since September 2016, when the
deficit was GBP 14.254 billion. Economists had forecast a shortfall
of GBP 11.4 billion.
The greenback has risen to around Y110.050 against the Japanese
Yen Monday afternoon, from an early low of Y109.380.
Core machine orders in Japan soared a seasonally adjusted 10.1
percent on month in April, the Cabinet Office said on Monday,
coming in at 943.1 billion yen. That topped expectations for a gain
of 2.4 percent following the 3.9 percent decline in March.
The M2 money stock in Japan was up 3.2 percent on year in May,
the Bank of Japan said on Monday, coming in at 1,003.2 trillion
yen. That was unchanged from the April reading following a downward
revision from 3.3 percent.
The M3 money stock was up 2.7 percent on year to 1,331.3
trillion yen - again unchanged from the previous month following a
downward revision from 2.8 percent.
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