News Column

Dollar Steady Near Multi-month Highs Against Euro

June 10, 2014

WASHINGTON (Alliance News) - The dollar was mixed on Tuesday, holding multi-month highs versus European rivals and most of its recent gains against the yen.

Traders largely ignored a matched batch of economic data, including an upbeat reading on US wholesale inventories.

The buck improved to USD1.3540 versus the euro, nearing a 4-month peak of USD1.35 reached just after the European Central Bank eased monetary policy last Thursday.

Early gains took the dollar to USD1.67650 versus the sterling, near a 2-month peak. The dollar drifted slightly lower to Y102.50 versus the yen, and remains locked in a relatively tight trading range.

Wholesale inventories in the US increased by much more than expected in the month of April, according to a report released by the Commerce Department on Tuesday.

The report said wholesale inventories surged up by 1.1% in April, matching the increase seen in the previous month. Economists had expected inventories to increase by about 0.5%

UK industrial production expanded notably in April, signaling that the sector started the second quarter on a strong footing.

Industrial output gained 0.4% in April from March, when it grew by a revised 0.1%, the Office for National Statistics said Tuesday. This was the third consecutive rise and matched economists' expectations.

Chinese inflation accelerated more than expected to a level last seen in January on higher food prices, while producer prices declined at a slower pace for the second month in May.

Inflation rose to 2.5% in May after slowing to 1.8% in April, the National Bureau of Statistics said Tuesday. Prices were forecast to rise by 2.4%.

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Source: Alliance News

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