Dollar Off Lows, Euro Loses Momentum as Spanish PM’s Future in Doubt By Investing.com


© Reuters.

Investing.com – The U.S. dollar rebounded from session lows following mostly positive data and a retreat in the euro despite reports Italy’s populist parties were nearing an agreement to form a government as they sought to avert fresh elections.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.02% to 94.08, after falling to session low of 93.69.

The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, in the 12 months through April, in line with economists’ forecast, while the PCE price index rose 0.2% month-on-month .

The U.S. Department of Labor reported Thursday that dropped by 13,000 to a seasonally adjusted 221,000 for the week ended May 26, beating economists’ forecast for 234,000 new filers.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, last month, the Commerce Department said on Thursday.

“Strong spending will support GDP growth in excess of 3.0% in the second quarter, although the inflation data suggest that the Fed doesn’t need to up the pace of rate hikes,” CIBC said.

The positive data helped the greenback move off its lows as it came under pressure earlier in the session following a rise in the euro as Italian parties sought to resolve their differences to avoid snap elections.

rose 0.15% to $1.1681 but remained well below its session high of $1.1724 as traders braced for the result of a vote of no confidence due Friday that could toppled Spanish Prime Minister Mariano Rajoy.

rose 0.03% to $1.3249, while rose 0.70% to C$1.2963 as the latter pair was supported by falling oil prices.

fell 0.13%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link



Leave a Reply

error: Content is protected !!