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FOREX-Dollar holds modest gains following upbeat U.S. data, trade worries linger

Published 18/04/2018, 09:58 am
© Reuters.  FOREX-Dollar holds modest gains following upbeat U.S. data, trade worries linger
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* Dollar index steady after gaining modestly overnight

* Upbeat US data helps, but lingering trade woes limit USD gains

By Shinichi Saoshiro

TOKYO, April 18 (Reuters) - The dollar held to modest gains on Wednesday after climbing off a three-week low on upbeat U.S. data, although lingering caution over U.S.-China trade tensions confined currencies to narrow ranges.

The dollar index against group of six major currencies stood effectively flat at 89.505 .DXY after gaining 0.1 percent overnight.

The index had stooped to 89.229, its lowest since March 27 before pulling back on stronger-than-expected March U.S. housing starts and steady industrial production figures.

The greenback found support from economic indicators as the market found time to focus on fundamentals as perceived political risks receded, with Western strikes on Syria not expected to escalate and a lull in major U.S.-China trade-related headlines.

Uncertainty still gripped underlying investor sentiment, limiting the dollar's bounce.

"It is hard for the dollar to find direction as there is a lack of central theme for the markets to focus on. With Syria woes easing, it should be 'risk off', but the 10-year Treasury yield actually declined while Wall Street rose," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

"Unless U.S.-China trade issues are resolved and we no longer have to worry about news headlines on the issue, it is difficult to focus on factors like yield differentials and economic data."

The greenback received a small knock earlier in the week after U.S. President Donald Trump touched upon the currency policies of China and Russia, before finding relief after Treasury Secretary Steve Mnuchin clarified Trump's comments on Tuesday. dollar inched up 0.05 percent to 107.040 yen JPY= after dipping to 106.885 on Tuesday.

The euro was little changed at $1.2371 EUR= .

The common currency rose to a three-week high of $1.2414 on Wednesday but slipped to $1.2336 on a ZEW research institute survey showing German investor morale reached its lowest since November 2012. pound was effectively flat at $1.4295 GBP=D3 , nudged away from a post-Brexit referendum 22-month high of $1.4377 scaled early on Tuesday by weaker-than-expected British wage data.

The markets were still pricing in a more than an even chance of the Bank of England hiking interest rates in May, which had helped sterling advance aggressively this month. GBP/

The Australian dollar extended overnight losses and dipped 0.05 percent to $0.7767 AUD=D4 , having been on the back foot following Tuesday's lukewarm Chinese economic data.

The New Zealand dollar was steady at $0.7344 NZD=D4 .

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