June 11, 2019 / 1:54 PM / 3 months ago

FOREX-Dollar little changed as trade, data in focus

 (New throughout, updates trading and comments to U.S. market
open, new byline, changes dateline, previous LONDON)
    By Karen Brettell
    NEW YORK, June 11 (Reuters) - The U.S. dollar index was flat
on Tuesday as investors focused on the U.S.-China trade war and
economic data for signals of growth and whether the U.S. Federal
Reserve is likely to cut rates in the coming months.
    Risk sentiment improved on Monday, after the United States
reached a deal with Mexico on Friday to avoid imposing tariffs
on the country.
    Ongoing tensions between the U.S. and China and the prospect
that U.S. President Trump will look to impose tariffs on Japan
and Europe, however, continues to weigh on risk sentiment.
    Investors are concerned that trade wars are harming global
growth, and increasing the likelihood that the U.S. central bank
will need to cut rates to stimulate growth.
    Data on Tuesday showed that U.S. producer prices rose for a
second straight month in May, though price pressures remained
    “It certainly plays into the dovish Fed story,” said Win
Thin global, head of currency strategy at Brown Brothers
Harriman in New York.
    Consumer Price Index data on Wednesday, which is closely
watched by the Federal Reserve, is the next inflation indicator.
Retail sales on Friday will also be closely watched for
indication on whether tariffs are slowing the economy.
    “We know we are in a low inflation environment right now,
but the question is what is the U.S. story in terms of growth,”
said Thin.
    This month's G20 summit will help push U.S-China trade talks
forward but no final agreement was expected to be reached there,
U.S. Commerce Secretary Wilbur Ross said on Tuesday.

    Trump on Monday said he was ready to impose another round of
punitive tariffs on Chinese imports if he cannot make progress
in trade talks.
    Trump on Tuesday accused Europe of devaluing the euro zone's
single currency in a series of tweets that also targeted U.S.
monetary policy with renewed attacks on the U.S. central bank.
    "The Euro and other currencies are devalued against the
dollar, putting the U.S. at a big disadvantage," Trump tweeted
without offering any evidence. He also slammed U.S. interest
rates for being too high.
    Interest rate futures traders are pricing in an almost 80
percent chance of a rate decrease at the Fed's July meeting,
according to the CME Group's FedWatch Tool.  

    Currency bid prices at 9:38AM (1338 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
 Euro/Dollar      EUR=        $1.1317        $1.1312     +0.04%         -1.33%      +1.1331     +1.1303
 Dollar/Yen       JPY=        108.6400       108.4300    +0.19%         -1.47%      +108.7900   +108.3600
 Euro/Yen         EURJPY=     122.96         122.66      +0.24%         -2.58%      +123.1400   +122.6300
 Dollar/Swiss     CHF=        0.9922         0.9896      +0.26%         +1.10%      +0.9935     +0.9893
 Sterling/Dollar  GBP=        1.2706         1.2683      +0.18%         -0.40%      +1.2727     +1.2671
 Dollar/Canadian  CAD=        1.3259         1.3265      -0.05%         -2.77%      +1.3277     +1.3250
 Australian/Doll  AUD=        0.6960         0.6961      -0.01%         -1.26%      +0.6966     +0.6948
 Euro/Swiss       EURCHF=     1.1229         1.1196      +0.29%         -0.22%      +1.1235     +1.1192
 Euro/Sterling    EURGBP=     0.8905         0.8916      -0.12%         -0.88%      +0.8932     +0.8893
 NZ               NZD=        0.6583         0.6607      -0.36%         -1.99%      +0.6611     +0.6570
 Dollar/Norway    NOK=        8.6277         8.6552      -0.32%         -0.13%      +8.6852     +8.6199
 Euro/Norway      EURNOK=     9.7634         9.7938      -0.31%         -1.44%      +9.8311     +9.7576
 Dollar/Sweden    SEK=        9.4411         9.4169      +0.29%         +5.32%      +9.4516     +9.4064
 Euro/Sweden      EURSEK=     10.6840        10.6530     +0.29%         +4.09%      +10.6896    +10.6502

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