Investing.com - The dollar ended the week lower against the other major currencies on Friday as uncertainty over whether the Federal Reserve will offer fresh indications on the timing of interest rate hikes at its upcoming policy meeting weighed.
EUR/USD ended flat for the day at 1.1259. For the week the pair gained 1.43%.
The dollar was also little changed against the yen late Friday, with USD/JPY at 123.37. The pair was down 1.76% for the week after hitting 13-year peaks of 125.84 on June 5.
GBP/USD was up 0.26% to 1.5554 while USD/CHF slid 0.43% to 0.9276 late Friday.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 94.98 in late trade, flat for the day. The index ended the week down 1.42%, the second straight weekly decline.
Data on Friday showed that U.S. consumer confidence improved in June as signs of improvement in the labor market spurred expectations for wage gains.
The preliminary reading of the University of Michigan's consumer sentiment index rose to 94.6 this month from 90.7 in May.
Another report showed that the U.S. producer price index rose 0.5% in May, the largest increase since September 2012.
The data came after other economic reports earlier in the week, including on retail sales, underlined the view that the economy is regaining momentum in the current quarter after a lackluster first quarter.
But the greenback remained under pressure amid concerns that the Fed won’t offer additional information on its monetary policy plans at its next meeting on Wednesday.
The euro continued to remain supported despite ongoing concerns over Greece’s deadlocked debt talks, with time running out to reach cash-for reforms deal in time to avert a default.
The International Monetary Fund said Thursday it was stopping negotiations with Greece due to a lack of progress.
On Friday the Wall Street Journal reported that senior European Union officials had formally discussed a possible Greek debt default for the first time.
In the week ahead, Greece’s debt talks are likely to remain in focus. Investors will also be looking ahead to Wednesday’s Fed rate statement for a clear signal on when it could start to raise interest rates. Monetary policy announcements in Japan and Switzerland will also be closely watched.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, June 15
Switzerland is to release data on producer prices and retail sales.
European Central Bank President Mario Draghi is to testify before the European Parliament's Economic and Monetary Affairs Committee, in Brussels.
Canada is to publish a report on manufacturing sales.
The U.S. is to publish data on industrial production and manufacturing activity in the New York region.
Tuesday, June 16
The Reserve Bank of Australia is to publish the minutes of its latest monetary policy meeting, giving investors insight into how officials view the economy and their policy options.
The U.K. is to release data on consumer price inflation.
In the euro zone, the ZEW Institute is to report on German economic sentiment.
The U.S. is to release data on building permits and housing starts.
Wednesday, June 17
New Zealand is to publish data on the current account.
Japan is to produce a report on the trade balance.
The U.K. is to publish its latest employment report. In addition, the Bank of England is to publish the minutes of its June meeting.
Canada is to report on wholesale sales.
Later Wednesday, the Fed is to announce its monetary policy decision and hold a press conference, which will be closely watched for fresh indications on the possible timing of rate hikes.
Thursday, June 18
New Zealand is to release data on gross domestic product.
Switzerland is to publish data on the trade balance.
The Swiss National Bank is to announce its Libor rate and publish its monetary policy assessment. The rate announcement is to be followed by a press conference.
The U.K. is to release data on retail sales.
Later in the day, the U.S. is to release a string of data, including reports on consumer prices, initial jobless claims and manufacturing activity in the Philadelphia region.
Friday, June 19
The Bank of Japan is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.
The U.K. is to release a report on public sector borrowing.
Canada is to round up the week with data on consumer inflation and retail sales.