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Forex - Dollar mixed ahead of potentially volatile week

ForexJun 03, 2013 01:02AM GMT Add a Comment
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Investing.com - The U.S. dollar is mixed against its major rivals during Monday’s Asian session ahead of what could be potentially raucous week for the world’s reserve currency.

In Asian trading Monday, EUR/USD rose slightly by 0.05% to 1.30004. Later Monday, Spain and Italy are to release data on manufacturing activity. Italy and Spain are the euro zone’s third- and fourth-largest economies respectively.

USD/JPY inched up 0.01% to 100.45. Last Friday, the International Monetary Fund warned Japan that the yen is weak enough, reversing comments where it said the Japanese currency was overvalued. The IMF said "We appreciate that the attempt to escape deflation has had an effect on the exchange rate and our assessment is right now that leaves the exchange rate moderately below what would be consistent with medium-term norms."

Japan releases capital spending data later Monday.

GBP/USD rose 0.15% to 1.5220 while USD/CHF inched up 0.04% to 0.9563. USD/CAD fell 0.10% to 1.0361 despite lower oil prices. In U.S. economic news, the Commerce Department said consumer spending fell 0.2% last month and the March reading was revised lower to show a gain of just 0.1%. Excluding food and energy expenditures, consumer spending was flat last month.

The Thomson Reuters/University of Michigan's final reading of May consumer sentiment jumped to to 84.5 from 76.4 in April. That was the best reading since April 2007 and beat economists’ expectations for a reading of 83.7.

Chicago PMI surged to 58.7 in May from 49 in April, easily topping economists’ expectations for a reading of 50. Readings above 50 indicate expansion.

AUD/USD climbed 0.49% to 0.9624 after sliding 0.81% last week. Australia is due to report retail sales later Monday.

NZD/USD rose 0.32% to 0.7974 after the kiwi fell to its lowest levels against the greenback since early September. The U.S. Dollar Index was steady at 83.31.

Forex - Dollar mixed ahead of potentially volatile week

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