Forex - Dollar lower on slack risk appetite

A A A - " The U.S. dollar traded higher against most of its major rivals during Tuesday's Asian session as risk appetite was light in the session ahead of some marquee central bank commentary.

In Asian trading Tuesday, EUR/USD fell 0.05% to 1.3509. On Monday, euro zone manufacturing purchasing managers' index ticked up to 51.3 in October from a final reading of 51.1 in September, unchanged from a preliminary estimate and in line with market forecasts, according to London-based Markit Economics.

Germany's manufacturing PMI rose to 51.7 last month from 51.5 in September as new orders and production levels rose. Analysts were expecting the figure to remain unchanged at 51.5.

USD/JPY dropped 0.33% to 98.29. A Bloomberg piece that ran earlier Tuesday could be the culprit sending the yen higher. The article revealed that just two of the 34 economists surveyed by the news agency believe Japan will meet its goal of 2% of inflation by 2015.

Meeting that goal is a cornerstone of Prime Minister Shinzo Abe's efforts to jolt the world's third-largest economy.

USD/CHF rose 0.06% to 0.9104 while USD/CAD added 0.07% to 1.0432 as oil prices continue to hover near four-month lows.

In U.S. economic news out Monday, U.S. factory orders rose 1.7% in October from September, in line with expectations.

GBP/USD rose 0.05% to 1.5978 after data showed that the U.K. construction purchasing managers' index rose to 59.4 last month, the highest level since September 2007, from 58.9 in September. Analysts were expecting an unchanged reading

Later Tuesday, the U.K. is to release private sector data on retail sales, an important economic indicator.

AUD/USD fell 0.08% to 0.9503 ahead of the Reserve Bank of Australia meeting. NZD/USD lost 0.10% to 0.8277. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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