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Dollar little changed, Empire State report ahead

Published 05/16/2016, 05:53 AM
© Reuters.  Dollar holds steady ahead of U.S. data
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Investing.com - The dollar was little changed against the other major currencies on Monday, as investors awaited the release of manufacturing activity data from the New York area for further indications on the strength of the economy.

USD/JPY edged up 0.25% to 108.92.

The safe-haven yen strengthened after official data showed that China’s factory output slowed to 6% in April, against expectations of 6.5%.

Investment and retail sales also grew more slowly than expected last month, adding to concerns over a slowdown in the world's second-largest economy.

In Japan, government spokesman Yoshihide Suga on Monday denied weekend media reports that Prime Minister Shinzo Abe has decided to delay a sales tax hike scheduled for next year.

EUR/USD held steady at 1.1309.

The greenback remained supported after the U.S. Commerce Department said on Friday that retail sales jumped 1.3% in April, topping economists’ expectations for a 0.8% increase. It was the largest monthly increase since March 2015.

In addition, the preliminary reading of the University of Michigan’s index of consumer sentiment came in at 95.8 in May, up from 89.0 in April and well ahead of expectations for a reading of 90.0. It was the highest reading since June 2015.

The upbeat data eased concerns over the outlook for the U.S. economy and rekindled expectations that the Federal Reserve could raise interest rates sooner than anticipated.

The dollar was higher higher the pound, with GBP/USD down 0.31% at 1.4334 and was steady against the Swiss franc, with USD/CHF at 0.9768.

The Australian and New Zealand dollars were higher, with AUD/USD up 0.21% at 0.7287, while NZD/USD was little changed at 0.6785.

Elsewhere, USD/CAD slipped 0.12% to trade at 1.2926.

The commodity-related loonie found support as oil prices climbing to their highest level since November after Goldman Sachs (NYSE:GS) said the market shifted into deficit in May due to falling production.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 94.63, near Friday’s three-week high of 94.84.

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