The dollar is holding onto modest gains against all of its major competitors Tuesday afternoon. The trading session has been rather subdued ahead of tomorrow’s Veteran’s Day holiday. Economic data has been on the light side today and what little there has been has failed to spark much trading activity.
Reflecting lower prices for both fuel and non-fuel imports, the Labor Department released a report on Tuesday showing a decrease in U.S. import prices in the month of October.
The Labor Department said import prices fell by 0.5 percent in October following a revised 0.6 percent drop in September. Economists had expected prices to fall by 0.6 percent compared to the 0.1 percent decrease originally reported for the previous month.
The report also said export prices dipped by 0.2 percent in October after sliding by a revised 0.6 percent in September. Export prices had been expected to drop by 0.3 percent compared to the 0.7 percent decline originally reported for the previous month.
Wholesale inventories in the U.S. increased by much more than expected in the month of September, according to a report released by the Commerce Department on Tuesday. The report said wholesale inventories climbed by 0.5 percent in September after rising by an upwardly revised 0.3 percent in August.
Economists had expected wholesale inventories to inch up by 0.1 percent, matching the uptick originally reported for the previous month.
Eurozone finance ministers called on the Greek authorities to finalize the financial sector measures ahead of the release of 2 billion euros of bailout funds. On the finalization of both financial and legislative measures over the course of the coming week, the European Stability Mechanism would unlock funds.
The dollar rose to an early high of $1.0674 against the Euro Tuesday, but has since eased back to around $1.0710.
France’s industrial production growth slowed notably in September, the statistical office Insee reported Tuesday. Industrial output grew only 0.1 percent on a monthly basis, following August’s 1.7 percent expansion. Nonetheless, economists had forecast output to show nil growth.
The buck slipped to a low of $1.5145 against the pound sterling Tuesday morning, but has since bounced back around $1.51, nearly unchanged on the day.
Like-for-like sales in the United Kingdom fell 0.2 percent on year in October, the British Retail Consortium said on Tuesday. That was well shy of forecasts for an increase of 0.8 percent and down from 2.6 percent in September.
The greenback climbed to a high of Y123.436 against the Japanese Yen this morning, but has since slipped back to around Y123.200.
Japan had a current account surplus of 1,468.4 billion yen in September, the Ministry of Finance said on Tuesday. That was shy of forecasts for a surplus of 2,154.0 billion yen and down from 1,653.1 billion yen in August.
A measure of peoples’ assessment of the Japanese economy increased more-than-expected in October, after falling in the previous two months, survey figures from the Cabinet Office showed Tuesday. The current index of Economy Watchers’ survey rose by 0.7 points to 48.2 in October from 47.5 in September. Economists had forecast the index to climb to 48.1.
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