Dollar Remains Little Changed As Economic News Remains Light
Washington (Feb 10) The dollar is little changed against its major competitors again Tuesday as economic news remains sparse. There are several upcoming economic reports due to be released later this week. Weekly jobless claims are scheduled for Thursday, while import & export prices are slated for Friday. Retail sales for January will be released Thursday, while the preliminary read on consumer sentiment for February is due to be released Friday.
After reporting a notable increase in US wholesale inventories in the previous month, the Commerce Department released a report on Tuesday showing that inventories edged only slightly higher in the month of December.
The report said wholesale inventories inched up by 0.1% in December after climbing by 0.8% in November. Economists had expected inventories to edge up by 0.2%.
Eurozone officials are reportedly considering extending Greece's bailout program by up to six months. The European Commission will reportedly offer the proposal amid indications that the new Greek government is softening its rhetoric behind the scenes.
However, a German finance minister later denied the reports. Investors will be watching for any further developments at tomorrow's meeting of euro zone finance ministers.
The dollar rose to a high of USD1.1272 against the Euro Tuesday morning, but has since eased back to around USD1.1320 .
French industrial output recovered at a stronger than expected pace in December, data from the statistical office Insee showed Tuesday. Industrial production advanced 1.5% in December from November, when it was down 0.2%. Economists had forecast industrial output to grow only 0.3%.
The buck climbed to a high of USD1.5196 against the pound sterling this morning, but has since retreated to around USD1.5255 .
UK industrial production declined more-than-expected in December as maintenance work in the North Sea fields dragged oil output, while the manufacturing sector managed to expand, albeit at a slower pace. Industrial production fell 0.2% from the prior month, after staying flat in November, the Office for National Statistics said Tuesday. It was expected to fall by 0.1%.
The greenback climbed to a 1-month high of Y119.620 against the Japanese Yen Tuesday, but has since slipped back to around Y119.295.
Source: AllianceNews
