The dollar is climbing against all of its major rivals Monday afternoon. The buck is recovering some ground following the pullback that occurred at the end of the previous trading week, after Fed Chair Janet Yellen all but confirmed a March interest rate hike during her speech last week Friday.
Economic data was on the light side at the start of the new trading week. Meanwhile, investors are also looking ahead to several major upcoming events this week and next. The European Central Bank’s policy meeting is scheduled for March 9, followed by the all-important U.S. jobs report due on Friday and the Fed’s March 14-15 policy meeting.
New orders for U.S. manufactured goods increased in line with expectations in the month of January, according to a report released by the Commerce Department on Monday. The Commerce Department said factory orders climbed by 1.2 percent in January after jumping by 1.3 percent in December. The increase in orders matched economist estimates.
The dollar has climbed to around $1.0585 against the Euro Monday afternoon, from an early low of $1.0639.
Eurozone investor confidence rose to the highest level in almost 10 years in March, survey data from Sentix showed Monday. The Sentix investor confidence rose more-than-expected to 20.7 in March from 17.4 in February. This was the highest since August 2007. The reading was forecast to rise to 18.5.
Germany’s construction sector activity expanded strongly in February following a slowdown caused by very cold weather, survey data from IHS Markit showed Monday. The headline Purchasing Managers’ Index rose to 54.1 in February from a five-month low of 52.0 in January.
Germany’s wholesale trade turnover increased in the three months ended December, data from Destatis showed Monday. In real terms, turnover in wholesale trade rose 0.3 percent year-over-year in the fourth quarter. In nominal terms, it was 1.3 percent higher than last year.
Greece’s economy contracted more severely in the fourth quarter of 2016, than estimated earlier, latest data from the Hellenic Statistical Authority showed Monday.
Gross domestic product declined a seasonally-and-calendar adjusted 1.2 percent from the previous three months, which was more-than-double the 0.4 percent fall estimated in the initial report on February 14.
The latest contraction was the sharpest since the third quarter of 2015, when the Greek economy shrank 1.7 percent.
The buck has risen to around $1.2230 against the pound sterling this afternoon, from a low of $1.2299 this morning.
The greenback advanced to Y113.965 against the Japanese Yen Monday afternoon, from an early low of Y113.553.
The material has been provided by InstaForex Company – www.instaforex.com
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