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Forex - Dollar Off Lows, Euro Loses Momentum as Spanish PM's Future in Doubt

ForexMay 31, 2018 16:47
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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 U.S. dollar index, 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, rose 1.8% in the 12 months through April, in line with economists’ forecast, while the PCE price index rose 0.2% month-on-month topping expectations.

The U.S. Department of Labor reported Thursday that initial jobless claims 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, jumped 0.6% 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.

EUR/USD 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.

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

USD/JPY fell 0.13%.

Forex - Dollar Off Lows, Euro Loses Momentum as Spanish PM's Future in Doubt
 

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